Orders for heavy trucks re-plunged, after false bounce off the bottom.
But it’s Even Worse Than it Looks. And this time, there is no jobs crisis. This time, it’s the result of greed by subprime lenders.
Sales are declining again, after having risen for years. Wholesale prices slip year-over-year for first time in 33 months. But “cars” still dominate “trucks.”
This is a holy-cow moment.
Santander Consumer USA is on the forefront of souring subprime-auto-loan backed securities.
Just how important is China to GM, its Largest Market & Once Biggest Hope for Growth?
Wages rose with inflation, but not nearly enough to pay for “quality improvements,” which is why working people feel increasingly impoverished.
But Mexican exports to other countries plunge, tripped up by global auto slowdown.
“Fleets are nervous. The latest manufacturing and construction numbers are concerning. The trade issue with China looms.”
But consumers spent a record amount on new vehicles in Q3 due to record prices.