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Vehicle Sales Rise in April
Sales of autos and light trucks rose in April to a 14.4 million annual rate, up 0.4% from March and up 9.5% from a year ago. The results matched the consensus expected pace and is the second highest reading since 2008. Higher gas prices do not seem to be deterring the consumer. Auto sales are clearly trending higher, but still have a way to go to get back to normal levels of about 15.5 million autos a year.
Warm weather may have encouraged some buyers to purchase a vehicle now, rather than waiting. But the bottom line is that consumers would not be buying vehicles if they lacked confidence about the future.
With dealer inventories still low, automakers will continue to ramp up production. This is good news for the economy and means the Federal Reserve has no justification for another round of quantitative easing.
Tuesday, May 1, 2012 @ 5:10 PM
These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.