Auto sales are booming. For November auto sales came in at an annual rate of over 17 million units. That is the best November since 2001. That’s the good news. The bad news is that with car sales already at 17 million units, much of the juice has been squeezed out of the lemon. Auto sales have provided a nice boost to GDP since the recovery began, but at this stage of the business cycle autos are going to contribute less and less to growth.
Jeremy Jones, CFA
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