Millennials Join Confident Consumers Snapping Up Autos in U.S. - Bloomberg
Surprising U. S. sales gains from the Detroit Three and top Japanese automakers provide another sign that the American consumer is back and ready to spend. With the six biggest sellers of autos in the U. S. all increasing volumes and beating estimates last month, the industry is flirting with sales levels not seen in 10 years or more. Consumer confidence is solidly higher than it’s been since before the recession, inspiring consumers to start trading in their old rides. While consumer confidence slipped a bit in July, the eight-month average is the highest since 2004, according to University of Michigan Surveys of Consumers. household spending rose 0. 2 percent in June following a 0. 7 percent rise in May, the Commerce Department said on Monday. General Motors Co. sales rose 6. 4 percent, beating projections for a 0. 6 percent improvement, and Ford Motor Co. ’s light-vehicle deliveries rose 5 percent, topping estimates for a 1. 8 percent gain. The North American unit of Fiat Chrysler Automobiles NV has grown now for 64 straight months, delivering 178,027 vehicles in the U. S. last month. 2 percent gain exceeded the 4. 8 percent average estimate. Nissan Motor Co. ’s U. S. auto sales rose 7. 8 percent, beating the average estimate for a 5. 3 percent gain. Source: www.bloomberg.com
