No rebound for autos
Source: http://www.econbrowser.com/archives/2009/07/no_rebound_for.htmlPosted on Wednesday, July 1st, 2009 | In Economics, Market Commentary
Contributed by: James Hamilton (http://www.econbrowser.com) -
Autos are worth watching as one sector where economic growth could resume first. But despite what others are saying, I don’t believe that it’s happening yet.
Some analysts seemed to take comfort in the fact that the decrease in auto sales from June 08 to June 09 was more modest than the year-over-year decline for earlier months had been. But that’s primarily a reflection of the fact that June 08 had been a significant deterioration relative to earlier months of 08.
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Americans bought fewer light vehicles in June 09 than they did in May 09, and that holds for every category– car or light truck, domestic or import. You’ll have to look elsewhere for your latest “green shoot” fix.
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Last 5 posts by James Hamilton
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 About James Hamilton (http://www.econbrowser.com)
James Hamilton received his Ph.D. in Economics from the University of California at Berkeley in 1983. He has been a professor at the University of California, San Diego since 1990 and served as Chair of the Economics Department from 1999 to 2002. He is the author of Time Series Analysis, the leading text on forecasting and statistical analysis of dynamic economic relationships. He has done extensive research on business cycles, monetary policy, and oil shocks, and has been a research adviser and visiting scholar with the Federal Reserve System for 20 years. |
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