Well this is a little awkward. After a day of exuberant unsubstantiated auto sales proclamations that a) it's not all subprime, b) 8-year credit terms do not pull forward demand, and c) it's totally sustainable; anyone could have been forgiven for being excited about the total vehicle sales of 18.12mm (according to Wards' data), just above expectations of 18.10mm and flat from October. However, Wards reported just 14.03mm domestic vehicles sold (missing expectations by the most since June) and dropping for the 2nd month in a row. Those darned facts do get in the way eh?
Recessions happen at the funniest times eh?
[5]
Domestic vehicle sales are up just 2.6% YoY... and that is as credit soars to this sector...
[6]
Should we worry? Well it seems we will not be relying on China to save us?
[7]
We are going to need more up and to the right of this...
[8]
Charts: Bloomberg
