Authored by Mike Shedlock via MishTalk.com,
As initially reported by the Census Department, motor vehicle sales were up 1.2% in July following a 0.9% gain in June. At the time, I commented, “This is unbelievably bizarre in the face of actual auto sales reports.”
The New Jersey government shutdown and state of emergency entered its third day, as lawmakers failed to approve a budget for fiscal 2018.
You can't say we weren't warned. As reported over a month ago, the biggest drag on recent consumer spending was auto sales.
And this is happening as Automaker inventories are at their second highest in 23 years. If sales are collapsing, then the violent spike in relative inventories as seen in 2008 is not far away.