Best month since cash-for-clunkers
September was a great month for auto sales. The latest numbers from Autodata show a 18.57m annualized rate of sales, way up from 16.14m in August and up 6.1% y/y. The estimate was 17.4 million.
That's the biggest month-over-month rise since July 2005.
Even better news is that it was driven by high-priced truck sales, which were up 12.4% year-over-year.
That has major implications for the Fed and the US dollar. Even if sales were skewed by hurricanes, it shows a very healthy consumer that is perhaps optimistic about the economy or taxes.
