Big Three automakers report another disastrous month of sales

The slump in US auto sales extended into July with the so-called Big Three carmakers reporting declines that were worse than expected.

Here's the scoreboard of year-on-year sales:

• GM: -15% (-8% expected)
• Ford: -7.4% (-5.5% expected)
• Fiat Chrysler: -10.5% (-6.1% expected)

Auto sales have fallen every month this year following seven straight years of record-setting volumes, suggesting that the market has peaked for now.

Economists forecast a rebound in July sales from June to a 16.8 million seasonally adjusted annual rate, according to Bloomberg.