The auto industry is like the dumb kid in class that drags down all the numbers. So to make the numbers prettier you drop him from the list.
If you exclude the auto industry, sales growth slowed in August down to less than the 1 percent we had in July. More people are living from paycheck to mouth as essentials keep rising. Non-durable goods prices grew 10.3 percent year-over-year in August.
At least gasoline has fallen again, down to a nationwide average of $3.65 per gallon. Regardless, the steadily worsening job market and tightening credit is making itself felt.
Our take? You kind of have to wonder what the figures are like with the auto industry factored in. Course, let’s we could get started with the collapse of all those financial institutions….
via Reuters
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