Strong Gains for Sept. Auto Sales, Especially Trucks
U.S. car sales of 13.1 million units in September (on a seasonally adjusted annual rate, SAAR) were the highest monthly total since last April and showed strong gains of 8.1% from August and 10.8% compared to a year-ago, according to sales data released yesterday by Motor Intelligence. On a year-to-date basis, total light vehicle sales through September are up by 10.4% compared to last year, with especially strong gains of 12.2% for light trucks and 48.7% for midsize SUVs (source). For the month of September, light truck sales exceeded 7 million units (SAAR) for the first time in at least several years.
Scott Grannis reports on the booming September auto sales and concludes that "Auto sales do not conform at all to the current narrative about the economy being on the ropes." Larry Kudlow is not convinced, and says "We’re on the front end of a recession."