October Auto Sales: The Leading Edge Of An Economic Rebound?
While U.S. economic news is hardly good, somehow auto sales again proved to be a bright spot in October. As the housing sector remains on a downward slide in much of the country, manufacturing growth slowed, and economists wondered how Greece's nearing economic meltdown will affect the global economy, Americans are buying cars at a surprisingly hot rate. At early tallies, industry-wide auto sales this past month looked about ten percent higher than last October. General Motors [NYSE: GM] and Ford Motor Co. [NYSE: F] both reported modest gains year-over-year, but it was Chrysler that really picked up the pace in October. Sales of the Chrysler brand itself were up 28 percent, compared to last October, while company-wide, gains were almost as good, at 27 percent. Volkswagen, which just started assembling 2012 Passat models in Tennessee, reported sales up about 40 percent, and Hyundai (HYMLF.PK) sales were up 23 percent,Complete Story »