The recovery regained a big milestone in February with yesterday's Commerce Department report of 15.0 million new-vehicle sales:
http://www.bea.gov/national/index.htm#gdp
(Scroll down to Supplemental Estimates, click on Motor vehicles, and open Tab #6 at bottom of Excel spreadsheet)
If you update the chart was that number you will see that sales have increased by more than 50% since their recession lows. More important, we are closing in on the 16-17 million plateau that prevailed before the recession.
New-vehicle Sales
(Click on chart to enlarge)
(Recessions shaded)
This is a true sign that consumers are coming back. It also serves to highlight the emerging gap between housing and everything else. Residential real estate remains in the doldrums while other indicators gain ground.
Today's letter also hoped to report on consumer credit, but January's data have not been released as of this writing. We'll try again tomorrow.
(To be fully informed visit http://www.beyourowneconomist.com/)
© 2012 Michael B. Lehmann
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