US Auto Sales in June Might Have Reached Best Level Since 2007 image

Federal Reserve Chairman Ben Bernanke said he will let the gas pedal up, as this has not affected the auto sales in the US, which might have reached in June the highest level since 2007.

New-car loans rates haven’t changed much from the almost record lows, after the Federal reserve began signaling a tapering of its bond-buying, due to the fact that the central bank adjusts to an economy which, similar to the auto industry, began to finally rebound.

“The market is very strong and we seem to be doing well despite what’s going on,” George Magliano, senior economist at IHS Automotive in New York, said by telephone. “Is the market going to be immune to the selloff of the stock market and the rising mortgage rates? I find it hard to stay as strong in the face of these things. We’ll probably back off a little bit and then pick back up.”

Analysts predict that auto sales in the US in June will increase 8%, reaching the strongest pace since 2009, before the recession. Sales in June will be between 15.5 million units and 15.7 million units, which would be the highest level since 2007.

Source: Bloomberg