Executives at Ford Motor Co.were starting to party Wednesday, July 1,
as the company reported
its smallest sales decline
since July of last year,
from the worst slump in 27 years.
U.S. car and truck sales showed signs of stabilizing in June after a year of sharp declines, but every major automaker except Honda Motor Co. reported lower sales than in May.
Still, year-over-year declines last month slowed for four of the six major carmakers, with Ford Motor Co. reporting the smallest drop in a year at 10.7 percent when compared with June of 2008.
Even Chrysler, which emerged from bankruptcy protection early in June, saw its year-over-year sales decline shrink, and analysts say that's among the signs that an auto industry slump that began with $4 per gallon gasoline last summer could be leveling off.
"It is unlikely things will get any worse," said Jesse Toprak, executive director of industry analysis for the auto Web site Edmunds.com.
Factors such as a slowly improving economy and government incentives of up to $4,500 to trade in inefficient clunkers for new vehicles could lead to modest improvements in the second half of the year, he said.
And while Chrysler's sales results were dismal, the figures were roughly in line with analyst estimates and reflect a company that is in a major transition following bankruptcy protection and new focus on more fuel efficient vehicles.
"At a time when they are emerging from bankruptcy and trying to reinvent themselves, it is not a huge surprise," Toprak said.
Toprak said affordability and gas prices that rose from $2.28 per gallon in May to $2.64 in June boosted sales of sales of compact cars, hybrids and compact sport utility vehicles.
Families and consumers looking for larger vehicles are also leaning more toward minivans because of the practicality when compared to alternatives like low gas mileage SUVs, he said.
Economists say there are signs that the economy is recovering, with housing starts rising more than expected in May and wholesale prices remaining in check. But the Conference Board reported Wednesday that consumer confidence fell unexpectedly in June.
"We're making steady progress," Jim Farley, Ford's group vice president of marketing, said in a statement. "We remain grounded, however, given challenging industry and economic conditions."
15 comments:
FULK please things are worse now than when GWB was in office. When you are on the bottom the only way you can go is up.
I especially like this:
"Economists say there are signs that the economy is recovering, with housing starts rising more than expected in May and wholesale prices remaining in check."
Thanks for the heartening news!
But that's the point anon, it looks like the bottom has been reached and things are looking possibly, hopefully, better. The second half of the year has good potential.
That's what I've been trying to tell you. Anecdotal information can be a good barometer too.
And Shari, you need to thank anon for bringing this article to my attention.
HT to anon!
You guys are really desperate. Try this one on:
Ladies and Gentlemen, this is your Captain speaking. We have lost all engines and are in a nose dive headed into the ground. But I have some really good news! I have managed to slow the airplane down from 600 MPH to 590 MPH.
Only a Liberal would see this as good news.
Conservatives want America to fail. After Mac'n Palin Cheese, Joe the Plumber, a string of closeted self-hating homosexual legislators and philandering leadership they're looking for company in their misery. Sorry losers, tough it out - it will build your character. The accountability moment has arrived, try to learn from it.
So, what you are saying, Bubby, is that my analogy of a crashing jet is correct and you have no answer but to change the subject and try to use childish name calling. Aren't you supposed to evoke Limbaugh and then post multiple messages using fake names congratulating yourself on "whipping" up on me? It must be terrible to realize your whole liberal philosophy has been proven to be a disaster. I'd probably try to change the subject, too.
A slowing of the bad news is still bad news. And get used to it. The accountability is, indeed, on it's way.
Wilson very well said i thanks for taking care light work.
Fulk if the economy does not pick up in the second half will you admit you were wrong.If it does i will admit i was.
467,000 more jobs lost in June up from 322,000 in May yeah things are really starting to turn around aren't they Fulk. I wonder when you party hacks will admit Obama doesn't have a clue.
My guess is that they will admit Obama doesn't have a clue around 2042, after 30 years of Republican rule and prosperity. After Obama is voted out in 2012, I predict that it will take the Republicans 6 months to get us out of the recession. Until then, when the real impact of the Obama programs slams into the economy, we are in for some very bad times. It is possible the Dems will seek to impeach Obama as the devastation to the party grows. But Biden is even more of a joke. I am beginning to think that logo with the big O is really a zero.
Let's see, from Clinton's budget surplus to Baby Bush's record splitting deficits and doubling of the national debt - 8 years.
Toss in blowing up the world economy, starting two quagmires, and losing majorities in the House and Senate...yeah, Republicans are on a roll.
My lawnboy is smarter than you.
Bubby wake up everyone else except you party hacks know Obama has not fixed anything. If we do have another attack maybe then your dumbass will thank GWB for keeping the USA safe.Almost a trillion dollars wasted and we just lost another 467,000 jobs in June, son sit down,shut up and let the grown ups talk you are in over your head.LMAO
Fulk please come help Bubby he is in over his head.
Let's try this one Wilson:
Howler monkeys raised such a ruckus about wanting to drive that the country finally said o.k., go ahead.
Howler monkeys can't drive though so they proceeded to run the truck off the road and down the side of a mountain and into a lake where the truck began to sink. The country decided after all this mess to put someone back in charge who actually knows something about driving, but the truck was already sinking in the lake and fast becoming mired in the mud so the first task was to save the truck from sinking completely.
The new driver began working right away to slow and stop the downward direction. But, as he and his team set about this task, the howler monkeys took up station on the roadway above and began raising all manner of screeching and howling (thus their name) while hurling stones and sticks and dirt down upon the team working to save the truck, and the country.
Toni D did Bubby give you some of his special Kool-Aid? All last year Obama said he would jump start the economy with a stimulus package guess what it hasn't happened. Toni D is this the change you voted for ?
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