Big letdown here. More Q2 downgrades on the way.
Still waiting for the burst of consumer spending from the drop in oil prices…
United States : Motor Vehicle Sales
The early indications from April have mostly been weak including the first hard consumer data on the month which are vehicle sales. Vehicle sales fell 4.1 percent to a 16.5 million annual rate. This is a very solid rate but the comparison with March points unfortunately to a downtick for the motor vehicle component of the retail sales report. This is a key component of the report which has been bouncing up and down in recent months, unable to find traction as have retail sales in general.