LMC Automotive drops down the U.S. auto sales forecast for 2012 and 2013 due to the slow rate of economic growth that has been witnessed in the second half of this year.
LMC which was earlier a division of J.D. Power and Associations has lowered the sales forecast from 14.5 million light vehicles to 14.3 million as per June forecast, said by the vice president of LMC and chief forecaster of LMC Jeff Schuster. LMC has also dropped down the forecast for 2013 from 15.2 million vehicles to 15 million vehicles. The forecasts were revealed by Schuster at the Center for Automotive Research where 2012 Management Briefing Seminars were conducted.
In the statement, Schuster has said that they have lowered the forecast because of a change from the significant economic growth in the first half to a flatter growth in the second half. Further added that there is a level of uncertainty among consumers and this can further extend to 2013. LMC expects the economy of U.S. to grow at a rate of 2 – 2.5 percent in the second half of this year.