Jun 01

GM, Ford US Auto Sales Tumble In “Bellwether” Month Of May:

You can’t say we weren’t warned. As reported over a month ago, before the surprising rebound in April retail sales, the biggest drag on consumer spending was auto sales.  One month later, this is finally starting to materialize when earlier today, both GM and Ford’s US vehicle sales fell more than analysts had estimated in May. According to Bloomberg this “raises questions about stalling consumer demand.” Not really: as we also warned a month ago when looking at stalling use car price changes, it was only a matter of time before the lack of demand for every low priced autos spilled over to new car sales, which it now has.

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