In what is being taken as another sign of an incoming recession, auto sales across the board are down—and down significantly.
Often used as a strong indicator of a healthy consumer economy, auto sales provide an early warning signal for economists and businesses hoping to forecast our unpredictable economic future.
U.S. auto sales crashed by 6.1% throughout the month of April 2019, to 16.4 million units sold.
This is the biggest drop since May 2011 and the lowest amount of sales throughout a month in over five years.
A similar story is unfolding all across the globe, pointing to a much wider problem within the industry.
However, I believe that there is more to this story than first meets the eye.