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US auto sales demolish expectations
US auto sales are on fire. In July, US auto sales hit a pace of 17.55 million units on a seasonally-adjusted basis, well above expectations for sales to come in at a pace of 17.2 million. The better-than-expected number was led by a beat from each of the "Big 3" automakers — Ford, GM, and Chrysler. In July, GM sales rose 6.4%, topping estimates for a 0.6% increase. Ford reported sales that rose 4.9% in July, more than the 1.8% that was expected. Fiat Chrysler, meanwhile, reported sales rose 6.2% in July, better than the 4.8% increase that was expected. In June, auto sales hit a pace of 17.11 million. According ... (full story)
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