Steel Markets
March 2, 2019
Auto Sales Chilled in February
Written by Sandy Williams
U.S. light vehicle sales in February missed analysts’ forecasts, falling 2.8 percent year-over-year, reported Edmunds.com. Sales were estimated at 1.26 million last month with a seasonally adjusted annual rate of 16.6 million units, down from 17.01 million a year ago. Sales are forecast to remain strong in 2019, but slower than in recent record years.
Interest rates on new car loans averaged 6.66 percent in February, their highest level in 10 years, according to Edmunds. Slowing sales were blamed on rising interest rates, higher vehicle prices and winter weather, along with tariffs on aluminum and steel.
