Ford Motor (F - commentary - Cramer's Take) reported that it sold 37,272 North American-made cars and 81,081 light trucks in November, about 5,000 more than expected. The consensus forecast is for industry-wide sales of North American-made cars to have run at a 7.8 million annual pace, down from a 7.9 million annual pace in October and the lowest since January 1983.
Sales of all vehicles, which include imports, are expected to have run at a pace of 10.5 million vs. 10.6 million in October, which would put sales at their slowest pace since the 10.4 million pace of April 1991, when sales hit their slowest pace since February 1983. These figures pale in comparison to the 10-year average of 16.6 million. Sales held near a 16.0 million pace until they began to cascade lower at the start of this year.
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Tony Crescenzi Blog NBER Declares Recession 12/1/2008 12:48 PM EST According to the NBER, the U.S. recession began in December 2007.
Tony Crescenzi is the chief bond market strategist at Miller Tabak + Co., LLC, and advises many of the nation's top institutional investors on issues related to the bond market, the economy and other macro-related issues. At the request of the Federal Reserve, Crescenzi is a regular participant in the board's Livingston Survey of economic forecasters. He is also the author of the revised investment classic, The Money Market,
first published in 1978 by Marcia Stigum, and The Strategic Bond Investor. At the time of publication, Crescenzi or Miller Tabak had no positions in the securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Crescenzi also is the founder of Bondtalk.com, a popular Web site covering the bond market and the economy. Crescenzi appreciates your feedback; click here to send him an email.
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