General Motors on Tuesday said that U.S. auto sales in November may accelerate to a seasonally adjusted annual rate of about 14 million.
U.S. car and truck sales rose 8 per cent from last October to 1.02 million, making this the best October since 2007, before the recession hit.
“We’re expecting to get close to that 14 million” rate, Don Johnson, vice president of U.S. sales, said today at a Barclays Capital investor conference in New York, Bloomberg reports.
In addition, Ken Czubay, Ford Motor Co. (F)’s U.S. sales chief, said on a Nov. 1 conference call that “Consumers are just saying it’s time to get a new vehicle,”
Sales excluding automobiles climbed 0.2 percent in October, the smallest increase in four months, according to the Bloomberg survey median.
The Labor Department said the Producer Price Index, which measures price changes before they reach the consumer, dropped 0.3 percent in October, after a rise of 0.8 percent in September.
Excluding the volatile food and energy categories, the core index was unchanged for the first time in 11 months.