China, Europe, and India, some of the world's largest industrial hubs for automobile manufacturing, have shuttered factories, laid-off workers and reduced average workweek hours, all due to an industrial slowdown that originated in the Eastern hemisphere in late 2017, early 2018. The industrial downturn has spread from East to West, now infecting the US economy.
So far US auto manufacturers have weathered the synchronized slowdown, but in a new report by Reuters, headwinds for the industry are starting to mount in 2H19.
Federal Reserve data shows auto vehicle and parts production was up 3.7% in the three months from May to July YoY. This is far better than the rest of manufacturing was down by 0.3% in May-July YoY, which was the fastest rate of change to the downside since Sept. to Nov. 2016.
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5 comments:
I will NEVER pay what they want for new car's. People pay thousands for junk. Then your ENTIRE loan amount is riddled with RECALL AFTER RECALL AFTER RECALL AFTER RECALL. PATHETIC.
Reduce car and truck and prices by at least 50%, it'll be a win win for all, and yes, the car companies can still survive.
They rip off the US consumer because of their greed and charge almost as much for a vehicle than a Home. Then the consumer loses 30% - 38% in value the first year, as soon as you sign your name and drive off the lot. That is why used cars are the same price as a new cars value.
GM and Ford once again have over produced vehicles and packed dealers with way too much inventory because it is cheaper to keep the factory going than to lay off UAW workers. The result is bulging inventories of grossly overpriced cars and trucks that nobody can afford.
GM should have been allowed to go out of business 10 years ago.
Used vehicles are priced outrageous as well. $30 - $40 thousand is outrageous. That is as much as the vehicle actually cost new.
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