Detroit Automakers Report Strong Sales in September

The big three U.S. automakers —General Motors, Ford Motor, and the U.S. operations of Fiat Chrysler Automobiles—reported a jump in September sales on Thursday as cheap gasoline and ultra-low interest rates drove demand for sport utility vehicles and pickup trucks.
Strong demand for new cars and light trucks in the United States has been giving automakers a boost at a time when sales in China and other markets are slowing.

Total U.S. auto sales, an early glimpse of consumer spending each month, are expected to have risen about 14 percent last month, according to auto industry consultancy

Sales also got a boost from the calendar, with the entire Labor Day weekend falling in September for the first time since 2012.

GM, the largest U.S. automaker, said its total sales in September rose 12 percent to 251,310 vehicles compared with the same month last year.

“The U.S. is adding jobs, disposable income is rising, energy prices and interest rates remain low and business continues to invest, but the fact remains this has been a slow recovery,” said Mustafa Mohatarem, GM’s chief economist.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza