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Point Out The Auto Sales Recovery In These Charts

Tyler Durden's picture


It seemed yesterday's channel-stuffed and hope-ridden car-maker data in the US was seen by some as evidence that we are right back on track. However, ever ready to separate the reality from the fantasy, we offer the following charts, via Barclays' Julian Callow, that vividly illustrate the rapid decline in the pace of auto registrations (the actual end-users that is) over the past year. In particular, Callow notes, the pace of seasonally-adjusted auto registrations in Q3 for the four largest European countries was the weakest in the series history (back to 1995).



Via Julian Callow, Barclays:

The slump in auto registrations coincides with reports that European car dealers have been offering heavy incentives, including selling vehicles to themselves to boost sales (source: Automotive News).


From a macroeconomic perspective, the exceptionally weak data are consistent with the persistently gloomy reports from the PMIs (as discussed earlier today) and suggest downside risks to consensus expectations for activity during H2.


Therefore, in our view, there is a considerable danger of further weakness in auto production (for example, through reduced working time, extended holidays at the turn of the year), which would be another negative factor for euro area industrial production.



Source: Barclays

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Wed, 10/03/2012 - 15:33 | 2852891 FOC 1183
FOC 1183's picture

Feb 30th

Wed, 10/03/2012 - 15:34 | 2852894 david92
david92's picture

I JUST GOT PAid $6784 wOrkIng Off my lApTop thIs mOnTh. And If yOU thInk ThAt's coOl, my dIvorced friend hAs twIn TOddlers and mAde over $9k her fIrst monTh. It feels so good mAkIng sO mUch mOney when Other people hAve To wOrk for sO mUch less. ThIs Is whAT I do http://bit.ly/CashbyHedging

Wed, 10/03/2012 - 15:36 | 2852905 Vincent Vega
Vincent Vega's picture

How much do you get paid when you suck cock?

Wed, 10/03/2012 - 15:47 | 2852942 FOC 1183
FOC 1183's picture

in other news:  twIn TOddlers caUGht SuCking EacH oTHers COCKS

Wed, 10/03/2012 - 15:36 | 2852906 larz
larz's picture

wow david where do I sign up!!!!????!!!

Wed, 10/03/2012 - 15:42 | 2852928 Sophist Economicus
Sophist Economicus's picture

I think I love you

Wed, 10/03/2012 - 15:48 | 2852949 Squid Vicious
Squid Vicious's picture

My mom makes $6,000 a day selling old Fords and Chevys from her backyard... maybe she can sell your friends TOddLERs too?

Wed, 10/03/2012 - 16:00 | 2852976 LULZBank
LULZBank's picture

OT: <incoming>

Yes... We have been busy watching Dancing with the Stars and not even the right one at that!!!



This video gives me hope. Our economy can hold up as long as that pair can!

Wed, 10/03/2012 - 16:14 | 2853050 azzhatter
azzhatter's picture

My cousin makes $40K per year storing new GM cars on his farm

Wed, 10/03/2012 - 20:32 | 2854102 Ginsengbull
Ginsengbull's picture

Please post picture of your mom's backyard.

Wed, 10/03/2012 - 16:07 | 2853014 EvlTheCat
EvlTheCat's picture

slewie, why are you posting job offers under a different pseudonym?

Wed, 10/03/2012 - 16:12 | 2853037 JuliaS
JuliaS's picture

I think I found our spammer:


Wed, 10/03/2012 - 20:41 | 2854131 akak
akak's picture

I JUST GOT PAid 67 Yuan wOrkIng Off my lApTop thIs mOnTh. And If yOU thInk ThAt's coOl, my FEllow ChiNEse friend hAs twIn ZH sockPUPpets and mAde over 123 Yuan her fIrst monTh of oNliNe troLlIng. It feels so good mAkIng sO mUch mOney ATacKinG 'amEriCaNs' when Other people hAve To wOrk for sO mUch less in FoXCOn sWeatShopS. ThIs Is whAT I do: http://www.zerohedge.com/search/user_comments?name=AnAnonymous

Thu, 10/04/2012 - 02:05 | 2854946 TheFourthStooge-ing
TheFourthStooge-ing's picture


I JUST GOT PAid 67 Yuan wOrkIng Off my lApTop thIs mOnTh. And If yOU thInk ThAt's coOl, my FEllow ChiNEse friend hAs twIn ZH sockPUPpets and mAde over 123 Yuan her fIrst monTh of oNliNe troLlIng. It feels so good mAkIng sO mUch mOney ATacKinG 'amEriCaNs' when Other people hAve To wOrk for sO mUch less in FoXCOn sWeatShopS. ThIs Is whAT I do: http://www.zerohedge.com/search/user_comments?name=AnAnonymous

This really workings!!! And prefectly leagle!!! Your going to will get richness of it!!! You're friends wo'nt believe there eyes when!!! You pull up in you're the brand new candy apple red rickshaw with chrome headers and sidepipes!!! Paid with in full cash!!!

Wed, 10/03/2012 - 15:35 | 2852898 rajc
rajc's picture

i see the blip 

Wed, 10/03/2012 - 17:17 | 2853403 max2205
max2205's picture

Where's the US chart?  Euro sales don't mean shit, those POS cars break every 18 months

Wed, 10/03/2012 - 15:35 | 2852900 Vincent Vega
Vincent Vega's picture

2009   coincided exactly with cash for clunker's.  <sarc>

Wed, 10/03/2012 - 15:36 | 2852902 LongSoupLine
LongSoupLine's picture

I give up Tyler...I can't find it.


Oh!...you tricky guy...there is no recovery!

Wed, 10/03/2012 - 16:05 | 2852998 LULZBank
LULZBank's picture

What do you mean there is no recovery?!

Wed, 10/03/2012 - 16:09 | 2853025 EvlTheCat
EvlTheCat's picture

LSL, stand on your head and look at the screen. It helps.

Wed, 10/03/2012 - 17:24 | 2853460 LongSoupLine
LongSoupLine's picture

oooooo...head rush.

Wed, 10/03/2012 - 15:40 | 2852917 Dr. Engali
Dr. Engali's picture

Hey those charts aren't supposed to be doing that. We are printing money damn it. All charts are supposed to slope upwards from left to right. WTF didn't you get the memo?

Wed, 10/03/2012 - 15:45 | 2852932 Dr. Richard Head
Dr. Richard Head's picture

Just turn it upside-down and presto recoveryo!

Wed, 10/03/2012 - 15:40 | 2852922 Undecided
Wed, 10/03/2012 - 15:46 | 2852938 SmallerGovNow2
SmallerGovNow2's picture

Never ending growth in the Nanny State....  Good post....

Wed, 10/03/2012 - 15:49 | 2852950 pods
pods's picture

Wait till they come for the fat people.



Wed, 10/03/2012 - 16:04 | 2853000 Dr. Richard Head
Dr. Richard Head's picture

They are, but it's for the kids.  Once they target the fat adults, then we will see war, unless the fatties are too tired to do anything about it.


Wed, 10/03/2012 - 15:45 | 2852936 buzzsaw99
buzzsaw99's picture

Eurotards better buy them a Mercury or they ain't never gonna get laid.

Hey babe, hubba hubba, wanna go back to my, er, i-pad and shag?

Wed, 10/03/2012 - 15:47 | 2852944 DoChenRollingBearing
DoChenRollingBearing's picture

We just saw that Hyundai has invaded Italy!

RUN, Fiat! 

Wed, 10/03/2012 - 17:28 | 2853488 DirtyHowi
DirtyHowi's picture

the currency or the car maker??

Wed, 10/03/2012 - 15:53 | 2852960 Meesohaawnee
Meesohaawnee's picture

spot todays appl ramp job.. gotta make the sheepies all warm with puppy kisses tonight

Wed, 10/03/2012 - 16:08 | 2853020 ziggy59
ziggy59's picture

HP warned on 2013 earnings...but like bullets on superman, nobeffect on dow..because bad news is good news on Bizarro World


Wed, 10/03/2012 - 15:55 | 2852971 BandGap
BandGap's picture

Hey, where is Biderman? Haven't heard from him in a while.

Love the fact that someone looked at registrations instead of going to the Auto Czar Ministry of Propaganda for the sunshine up the ass treatment. 

Wed, 10/03/2012 - 15:56 | 2852977 Meesohaawnee
Meesohaawnee's picture

but what did phil la blow say?

Wed, 10/03/2012 - 16:06 | 2853005 ziggy59
ziggy59's picture

Only cars on tracks are trains... And its a train wreck happening in slo-mo

Wed, 10/03/2012 - 16:18 | 2853075 schatzi
schatzi's picture

I commented on exactly this issue some hours ago on Seeking Alpha. Even though we all know how wobbly those US numbers are, It is important to note there is a significant difference beteeen the US and European markets (not they can completely decouple from each other). It is also becoming increasingly obvious that Europe is heading into a deep depression.

Wed, 10/03/2012 - 16:54 | 2853254 ebworthen
ebworthen's picture

The U.S. is in recession/depression too but the car loans are flying out the door to just about anyone.

Housing bubble II is being blown with FED MBS purchases and FHA loans, but in the meantime these mini-bubbles are being blown at the same time; car loans, reverse mortgages, student loans, and I'm seeing home equity loans creep back in.

Wed, 10/03/2012 - 18:18 | 2853729 Wile-E-Coyote
Wile-E-Coyote's picture

Who gives a f*** anymore.

Wed, 10/03/2012 - 19:45 | 2853958 orangegeek
orangegeek's picture

Isn't there two numbers now.  Sales and Channel Stuffing?


Sales - Channel Stuffing = actual sales.


Actual sales are probably shit, but in the grand scheme of things, who gives a flying fuck.

Wed, 10/03/2012 - 19:52 | 2853971 ebworthen
ebworthen's picture

Not GM or Chrysler employess, because Uncle Sam has their back and his KY ready for the taxpayers.

Wed, 10/03/2012 - 20:39 | 2854123 Ginsengbull
Ginsengbull's picture

$3000 new datsuns coming to third world countries soon.

Maybe USA.


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