On the heels of the GDP report last week showing that auto sales have been a key driver of our economy, there was more good news from the auto sector yesterday. After a quarter that saw the best auto sales in the U.S. since 2008, the April figures were also far ahead of estimates. Although Ford's sales slipped somewhat during the month, Chrysler just posted its best April in four years, with sales 20 percent higher than last year.
GM is now forecasting that it will sell between 14 million and 14.5 million light vehicles worldwide this year, up from its earlier estimate of 13.5 million to 14 million. The research firm TrueCar projects that new car sales domestically will reach 14.5 million, up from 12.8 million last year.
Meanwhile, manufacturing is also coming on strong. In April, the Insititute for Supply Management's factory index reached its highest level since last June. The forward-looking index indicates that manufacturing orders may increase for some time to come.
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