LIVE: US auto sales

Major carmakers will on Monday release their US auto sales data for June.

Economists forecast that total vehicle sales rose at a seasonally adjusted annual rate of 16.58 million, according to Bloomberg.

That’s little changed from May. Auto sales have slowed this year following seven straight years of record-setting volumes. And this suggests that the market has plateaued for now.

GM, the second-largest US carmaker by market cap, hinted at that last week when it cut its outlook for new vehicle sales. The carmaker said US sales would be in the “low 17 million” unit, reflecting a widespread expectation that the industry’s growth would ease.

A bigger question is whether the slowdown in car sales suggests a problem with consumer spending. “Consumer fundamentals have remained healthy, coupled with strong job gains and steady income growth,” said Lewis Alexander, the US chief economist at Nomura, in a note. “However, it is likely that tighter auto loan standards will continue to weigh on auto sales in the coming months.”

This post will be updated with the latest sales numbers as they are announced.

NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.