Jeffry Bartash of MarketWatch tells his readers that automobile sales are back on track for another increase in 2024. He writes:
Sales of new cars and trucks in the U.S. rose 5.4% in February, rebounding from a slow start at the start of the year and offering fresh evidence of the strength of the economy.
Automobile sales increased at an annual rate of 15.8 million last month from 15 million in January, according to Ward’s Intelligence. Economists had forecast a 15.4 million annual rate.
The figure reflects how many new vehicles would be sold in the entire year if the same number were purchased each month as were sold in February. […]
Consumer spending was quite strong in the second half of last year, and it appears that outlays haven’t tapered off much in the first quarter of 2024.
The economy is on track to expand at a healthy annual rate of 3% or more, forecasts show.
Read more here.
