GM: America Has Hit Bottom Of Downturn

GM said Wednesday that despite the fact that its third quarter sales were down from the same quarter last year, the U.S. has reached the bottom of its economic downturn.

Yeah, keep telling yourself that GM! Anything to help you get the financing you need to complete that Chrysler merger.

Financial Times: Michael DiGiovanni, GM’s head of global marketing and industry analysis, said the industry had felt the “tremendous snowballing effect around the world from financial turmoil” in the third quarter.

However, he mentioned the strengthening dollar, falling oil and commodity prices and rising housing starts as “positives” for GM’s business, in spite of a generally grim US car market. Actions taken by US authorities to stabilise financial markets would lay the groundwork for recovery.

“We believe the US is probably in the trough of its downturn right now,” he said.

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