More evidence the wheels are coming off, not that there have been any doubts…
From WardsAuto: Forecast: U.S. Light Vehicles Sales Weaken in August
A WardsAuto forecast calls for August U.S. light-vehicle sales to reach a 17.4 million-unit seasonally adjusted annual rate, less than like-2015’s 17.7 million and July’s 17.8 million, but ahead of the 17.2 million recorded over the first seven months of this year.
From J.D. Power: August Decline in New-Vehicle Sales Fourth in Last Six Months
The SAAR for total sales is projected at 16.8 million units in August 2016, down from 17.7 million units a year ago.
This chart is through July:
This keeps decelerating as well:
This is not about one month’s numbers. It’s been a full retreat ever since the collapse of oil capex at the end of 2014, with no sign yet of anything but more of same until deficit spending- private or public- picks up sufficiently to offset the ‘normal’ amount of unspent incomes.
And as previously discussed, it wouldn’t surprise me if future revisions show that the recession started a year ago or maybe even before that.