It’s the first Tuesday of the month, and so that means the big carmakers will be reporting their sales numbers throughout the day.
Economists forecast that auto sales rose at an annualized pace of 17.40 million in April, according to Bloomberg. In March, the pace unexpectedly fell to 16.46 million.
As we outlined on Monday, these auto sales numbers will be a crucial test for the US economy and for the consumer, who remains a key source of economic growth.
If the pace of auto sales continues to slow, following a record year in 2015, it could indicate that the decline in March was not a calendar glitch as some analysts said.
Another weak print could also be a symptom of fewer credit-worthy borrowers and weaker demand than we’ve seen earlier in this cycle, according to Deutsche Bank.
We’ll have all the latest numbers as they roll in, so refresh this page for updates.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.