U.S. auto sales have been dismal for most of this year. And they just took a turn for the worse.
The light truck category, which includes the once-trendy SUVs, continued to lead the retreat, with seasonally unadjusted September sales of light trucks manufactured in North America down 22% from August and down 31% from September 2007.
Sales of domestic cars, which had been holding up a little better, also fell dramatically, down 19% month to month and 22% year over year.
And imports were also no longer spared, with cars down 23% year over year and trucks down 30%.
All of which is consistent with the view that the U.S. economy has been in recession and took a sharp turn for the worse last month.
Originally published at Econbrowser on Oct 2, 2008 and reproduced here with the author’s permission.
- Related RGE Spotlight Issues:
- U.S. Auto Sector in Recession: Credit Crunch Pushes Auto Sales to Record Low
- U.S. Auto Sector: Is Government Help The Answer ?
- U.S. Labor Market Set to Weaken Further as Financial Crisis and Recession Worsen
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