Auto sales turned in a strong performance in September. "People seem to be saying, 'It's not as quite as scary anymore,'" says Arthur Wheaton, automotive analyst at Cornell University's ILR School.
Demand for new cars and trucks should be better than it was a year ago. But expectations now are for lower sales than in August, itself unimpressive. That would leave autos stuck in a four-month-long rut.
U.S. auto sales started off strong over the Labor Day holiday weekend, but have since dropped significantly, according to analysis by car-buying guide Edmunds.com.
As expected, automakers Wednesday reported sluggish sales for August. The nation's anemic economic recovery kept consumers away from dealerships, despite generous end-of-model-year incentives on the part of many manufacturers.
Auto sales braked sharply in August, starting out strong, then slowing to a level that may be the lowest in 28 years. The weak economy made nervous consumers hesitant to buy, despite the bevy of end-of-model-year deals.
Among domestic makes, Ford, General Motors and Chrysler all reported total increases in the single digits, but Japanese giants Toyota and Honda slipped.
Automakers reporting June sales results Thursday painted a mixed picture for the economy, one that show signs of weakening even as they moved more cars off dealers' lots.
Ford and General Motors reported higher sales in January, with Ford fleet sales surging 154%. Detroit's gains came as consumers avoided the showrooms of the largest Japanese competitor, Toyota, which is mired in massive recall involving millions of vehicles.
Kraft Foods boosted its offer for British candy maker Cadbury following Monday's announced $3.7 billion sale of Kraft's pizza business to Nestle. But it remains to be seen whether Cadbury will bite on the sweetened offer. Read more to see how this and other news could affect stocks today.
