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Wed Jan 2, 2013, 12:52 PM

Thank Auto Sales for Improving Economy

Source: barrons.com

By Sam Mamudi

As Iíve written in the past few weeks, auto sales been improving this year, and the uptick has been good enough to help companies beyond automakers such as Ford (F) and General Motors (GM), for example Sirius Radio XM (SIRI) and Johnson Controls (JCI).

But maybe it was even more than that ó Brad Plumer argues today that car sales were what powered the entire U.S. economy in 2012:

If cars hadnít been flying out of dealerships, the year would have looked considerably bleaker. Vehicle purchases by consumers alone accounted for roughly 30 percent of all economic growth in the first half of the year, according to Credit Suisse.

Plumer notes that this yearís 13% rise in sales happened despite some pretty large car recalls, which should have put consumers off. The fact they didnít may suggest that consumers donít care about recalls ó or it may just be reflection of how much belt-tightening and financial hardship weíve seen in recent years.

FULL story at link.

Read more: http://blogs.barrons.com/stockstowatchtoday/2012/12/31/thank-auto-sales-for-2012s-improving-economy/?mod=yahoobarrons

Remind me who saved the auto industry? Who wanted to let it go under?

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Omaha Steve Jan 2013 OP
Purveyor Jan 2013 #1
marlakay Jan 2013 #2

Response to Omaha Steve (Original post)

Wed Jan 2, 2013, 01:34 PM

1. As the saying goes..."So goes the auto industry, so goes the nation".

Michigan entered our recession about 2 years ahead of the rest of the nation and I suppose it will take the rest of the nation 2 years behind us to recover.

Mind you wages are lower but so are housing costs.

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Response to Omaha Steve (Original post)

Wed Jan 2, 2013, 01:53 PM

2. My daughter is manager at car place

She has been busy for a long time!

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