Domestic Auto Sales Tumble, Miss For 6th Of Last 7 Months (Don't Tell Phil LeBeau)
Judging by the smiling Phil LeBeau (CNBC) who earlier opined, of an 8.9% plunge in Ford F-Series sales, that "I don't know if I'd call that a slowdown," you would think the US Auto industry was killing it. Apart from the fact that all but the most luxurious brands missed expectations, we sum up the month of June's results by noting the credit-spewed spike in May is now over and domestic car sales are continuing to trend lower. This is the biggest MoM drop since Sept 2014. As Ward's notes, they have now missed expectations for 6 of the last 7 months...
Auto Sales SAAR dropped from 17.71mm to 17.11mm - the biggest percentage drop MoM since Sept 2014.
Charts: Bloomberg
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Yes I read where Millenials drive 25% less than other generations. They are not as affectionate towards cars as their boomer parents. I remember my first car and the incredible level of freedom I felt when I finally got a set of wheels! It was a 79 Pontiac Lemans in hunter green! Ra! Carol