Auto Sales Down

Let's take a look.......

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..................U.S. auto sales had averaged 16.4 million annually this decade through 2008, when sales plunged to 13.2 million. Rates continued to drop this year, hitting 27-year lows before appearing to bottom out. Analysts now are forecasting several years of gentle increases.

In the meantime, low sales and high cost structures sent all three Detroit automakers scrambling to restructure. GM and Chrysler did so under government-sponsored bankruptcy, while Ford has restructured within its own resources. Ford reached a tentative agreement this week with the UAW to bring its costs in line with those of its Detroit rivals.

The companies are now poised to profit at new sales levels. For instance, the government says GM's restructuring will eventually make it profitable in a 10-million-unit sales environment.............

http://www.autonews.com/article/20091016/ANA02/910169973/1176/FRONTPAGE

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Rosenberg: “The U.S. is going to be grappling with a consumer who’s going to be downsizing”

David Rosenberg is one of the guys that has been getting things right on the economy for quit a long time. Let's take a look at what he is saying.....

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“Right now the economy is being held together by very strong tape and glue provided by the Fed, Treasury and Congress,” he says. Rosenberg sees gross domestic product stalling in the current quarter, growing at an annual rate of no more than 1 percent in the first three months of 2010 and no more than 2 percent for all of 2010."

.............U.S. Sales of new cars and light-duty trucks dropped 40.9 percent in September from the previous month after the government’s Cash-for-Clunkers program ended Aug. 24, according to data from Woodcliff Lake, New Jersey-based Autodata Corp. Tax credits for first-time home buyers -- which helped boost sales of existing single-family houses 13.5 percent since January -- will expire Nov. 30. The Fed will end a $300 billion program to buy Treasury bonds at the end of this month and wind down purchases of $1.5 trillion in agency and mortgage-backed securities in the first quarter.

Take that stimulus away, and there’s little to boost growth out of the recession that began in December 2007, Rosenberg says. The recovery will resemble the so-called jobless recovery of 2002, when the economy grew just 1.8 percent.........

http://www.bloomberg.com/apps/news?pid=20601103&sid=axnCbWZ33aEU

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Is the stock market a bubble?

Interesting take on the markets by Lakshman Archuthan of ECRI: let's take a look:

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"The error of optimism dies in the crisis but in dying it gives birth to an error of pessimism. This new error is born, not an infant, but a giant. That giant error of pessimism is still running rampant, and will keep most people mired in gloom, long after the Great Recession is history."

http://finance.yahoo.com/tech-ticker/article/351455/The-Pessimists-Are-Wrong:-No-Downturn-Anytime-Soon,-ECRIs-Achuthan-Says

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