Steel Markets
April 2, 2019
Weak Auto Sales Report for March
Written by Sandy Williams
Major U.S. automakers reported weaker sales in March, in line with analysts’ forecasts. Cox Automotive expects auto sales volume for the month to drop 7 percent year-over-year to 1.547 million. The seasonally adjusted annual rate is forecast at 16.5 million vehicles.
“The year has started relatively soft for new-vehicle sales,” notes Jonathan Smoke, chief economist for Cox Automotive. “January was a combination of factors, some of which were related to the broader economy. The government shutdown, decline in consumer confidence, and the polar vortex all detracted from the economy and new-vehicle sales in January. We had somewhat better weather in February in most of the U.S., an open government and a rebound in confidence, yet new-vehicle sales did not improve. Now we know that consumer confidence again moved down in March.”
