This is a very good sign for the economy in September.
Today’s Seasonally Adjusted Annualized Rate of car sales came in at nearly 15 million, well ahead of the 14.5 million that was expected.
It’s the best month for car sales since the crisis, even topping the cash-for-clunkers spike.
Photo: Business Insider, Bloomberg
People don’t buy a new car unless they’re feeling confident about their employment situation.
Not surprisingly, car sales closely correlated with Non-Farm Payrolls.
The strong number also backs up a number of strong consumer confidence readings lately.
As Gallup notes today, confidence surged nicely in September.
It’s getting harder and harder to make the argument that the economy is in deterioration mode.
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