HERE COME AUTO SALES...
Analysts estimate June sales slipped to an annualized rate of 16.4 million, down from 16.7 in May.
Citi's Peter D'Antonio offers some good perspective:
"Although motor vehicle sales likely fell back from the extremely rapid May pace, sales probably remained elevated in June. Even with our forecast drop, the second quarter would show a nearly 20% annualized increase in sales from the weather-battered first quarter. Note 1: Motor vehicle sales will give an early view of consumer activity for the entire second quarter. Our baseline forecast is for a resurgent consumer, and autos appear to be confirming this view. Note 2: The buffeting effects of severe weather have obscured the trend in auto sales for at least the past six-months. June may offer a relatively clean reading, which could help us gauge the condition of the new vehicle market."