Car sales decline sharply in June
U.S. vehicle sales have lagged behind two thousand sixteen levels every month this year. If that spectacle proceeds, this year will mark the very first since two thousand nine that industrywide sales declined.
General Motors ( GM ) reported a 5% drop in sales last month, as did Ford Motor ( F ) , which recently substituted its CEO. Sales at Fiat Chrysler ( FCAU ) were off 7%.
Of the largest automakers, only Toyota ( TM ) reported a sales build up. The Japanese company, which is the third largest seller of vehicles in the United States, posted a 2% build up.
There was strong request for some models, particularly SUVs and crossovers. But with low gas prices, sales of traditional car models were down across the board, even at Toyota, where sales of cars fell 12%.
Part of the problem is that fresh car prices are at a high point, in part because buyers want more expensive models and options. But even amid the drop in overall sales, underlying request remains solid.
“June’s sales number reaffirms that the U.S. vehicle sales are in a post-peak phase,” said Charlie Chesbrough, senior economist at Cox Automotive, which includes the Kelley Blue Book and AutoTrader sites. “The U.S. economy remains strong — confidence is high, unemployment is low — and this will proceed to support vehicle request over the near-term.”
Full-year sales are now forecast at 17.1 million, which would be down 3% from last year’s record but still represent “a sturdy market,” Chesborough said.
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Car sales decline sharply in June – Jul
Car sales decline sharply in June
U.S. vehicle sales have lagged behind two thousand sixteen levels every month this year. If that spectacle resumes, this year will mark the very first since two thousand nine that industrywide sales declined.
General Motors ( GM ) reported a 5% drop in sales last month, as did Ford Motor ( F ) , which recently substituted its CEO. Sales at Fiat Chrysler ( FCAU ) were off 7%.
Of the largest automakers, only Toyota ( TM ) reported a sales build up. The Japanese company, which is the third largest seller of vehicles in the United States, posted a 2% build up.
There was strong request for some models, particularly SUVs and crossovers. But with low gas prices, sales of traditional car models were down across the board, even at Toyota, where sales of cars fell 12%.
Part of the problem is that fresh car prices are at a high point, in part because buyers want more expensive models and options. But even amid the drop in overall sales, underlying request remains solid.
“June’s sales number reaffirms that the U.S. vehicle sales are in a post-peak phase,” said Charlie Chesbrough, senior economist at Cox Automotive, which includes the Kelley Blue Book and AutoTrader sites. “The U.S. economy remains strong — confidence is high, unemployment is low — and this will proceed to support vehicle request over the near-term.”
Full-year sales are now forecast at 17.1 million, which would be down 3% from last year’s record but still represent “a sturdy market,” Chesborough said.
Mortgage
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NextAdvisor
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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. . All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC and/or its affiliates.
© two thousand seventeen Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. .