Domestic Vehicle Sales Plunge; Miss By Most Since Jan 2009
We already noted the apparently 'transitory' weakness in GM's numbers and huge surge in channel-stuffing; but now the full numbers are in and it is not pretty. The annualized domestic vehicles sales collapsed (by the most in 29 months) to 11.66 million - it's lowest in 11 months - missing expectations by the most since January 2009. Stone McCarthy offers some hope that this does not signal "peak autos" for this cycle as they note, "it would appear that sales for September were pulled into August due to the extra selling days for August, stemming from the manner in which the Labor Day weekend fell on the calendar this year. Recall that August sales were firmer relative to expectations and now we have September being weaker."
and the details (from Stone McCarthy),
Did the Auto Recovery just end?
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