Two weeks ago we reported that July auto sales were a disaster: recall sales for bloated with inventory GM were down 15% YoY, Ford off 7% and Chrysler down 11% – despite record incentive spending – as overall auto sales declined and disappointed for yet another month. And yet, according to this morning’s retail sales report from the Census Bureau, sales for “motor vehicle & parts stores” rose much more robustly than anyone had anticipated, rising 1.2%, the fastest pace since December.
This number was so bizarre, and so out of context with recent sales data, that SouthBay Research threw up all over it in its morning note today. Here’s why:
Retail Sales m/m: 0.6% Retail Sales ex Autos m/m: 0.45% Retail Sales ex Autos & Amazon m/m: 0.3%
This post was published at Zero Hedge on Aug 15, 2017.
Follow on Twitter
Recent Comments