Vehicle Sales Plunge by 5.5 Million Units, Most Since 1987
The 1987 stat is somewhat misleading because it was preceded by unprecedented surges.
Total Vehicle Sales vs Lightweight Vehicle Sales
Vehicle Sales Month Over Month
On a month-over-month basis, sales fell 32.15%. On a percentage basis, this is more than 987 but less than the 35.37% decline in September 2009.
There is no reason to expect a huge rebound in sales.
Incomes and savings have been clobbered by layoffs that have just started.
As noted earlier day, Unemployment Rate Jumps to 4.4% But Worst is Yet to Come
I expect the unemployment rate to hit at least 12% in April and more likely something close to 20%.
A deep recession is coming up.
For discussion, please see Covid-19 Recession Will Be Deeper Than the Great Financial Crisis
Mike “Mish” Shedlock