BREAKING: U.S. Auto Sales Lose Momentum in November: Wards Intelligence
Photo: Reuters
(Reuters) - The pace of U.S. auto sales slowed in November, data from analytics firm Wards Intelligence showed on Tuesday, amid a spurt in coronavirus infections.
Auto sales in the United States managed to bounce back since hitting a pandemic-fueled bottom in April, leading major automakers to ramp up production and boost weak inventories at dealerships.
However, rising COVID-19 cases in the U.S. states have increased the uncertainty over a speedy rebound.
The seasonally adjusted annualized sales pace for light vehicles dropped to 15.55 million units in November, from 16.21 million units in October and 17.09 million units in the year-ago period, according to Wards Intelligence.
Still, that is nearly double the 8.58 million units marked in April, when the sales pace hit its lowest since December 1970 due to pandemic-led lockdown restrictions.
U.S. manufacturing activity slowed in November, with new orders retreating from their highest level in nearly 17 years, as many workers stayed at home and factories were temporarily shut down, according to the Institute for Supply Management.
Reprinted from Reuters. The copyright is reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.