November car sales blew past already-strong expectations (15.46M vs. 15M). Part of the strength was due to a recovery of sales lost in October due to Sandy, but still, this is positive news. This has got to be the biggest V-shaped recovery of any sector since the onset of the Great Recession. Sales are up over 70% from their early-2009 low, for an annualized gain of 15.5%. Wow.
Unexpectedly strong sales create positive knock-on effects throughout the automotive and related industries. They also reflect an easing of credit conditions, and greater confidence on the part of lenders and consumers. As such, they are unvarnished good news.
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