The Lehmann Letter (SM)
The Commerce Department reported great news for January auto sales. They reached 14.1 million at a seasonally-adjusted annual rate.
That’s about as high as they jumped in August 2009 during the cash-for-clunkers program. More important: It’s a breakout from the 13 million range – or less – at which they’ve been stuck since the recession. Now we’re back to a 2008 number - on the down slope from the pre-recession high of over 15 million.
(Click on chart to enlarge)
The chart makes clear that 16 or 17 million is a truly healthy rate, but the latest figure is too good not to mention.
(To be fully informed visit http://www.beyourowneconomist.com/)
© 2012 Michael B. Lehmann