New car sales in the United States probably stalled for a second straight month in June Bloomberg reports, as the labor market stumbled and confidence waned.
The number of Americans filing new claims for unemployment benefits fell last week, government data showed on Thursday, but remained too high to signal any major improvement in the labor market.
On the same time, confidence among U.S. consumers declined in June to the lowest level this year as Americans grew more pessimistic about prospects for the economy.
The Conference Board said Tuesday that its Consumer Confidence Index is at 62. That’s down from the 64.4 reading in May and the 63.2 analysts were expecting. The index remains well below the 90 reading that indicates a healthy economy.
But even so, Edmunds said June is expected to be the third-highest-selling month since May 2008 in terms of pure volume.
Toyota is predicted to show the biggest year-to-year sales growth in June with an increase of 66.3%. Honda is expected to come in second with a jump of 50.9% from the year before.
Chrysler joins Ford Motor Co. (F), the second-largest U.S. automaker, which sees the industry sales pace in June being in line with May’s 13.8 million seasonally adjusted annualized rate, or SAAR, the slowest this year, according to researcher Autodata Corp.
According to Bloomberg, new vehicle registrations in June, set for release tomorrow, may have run at a 13.8 million seasonally adjusted annualized rate.
Light-vehicle sales in June are set for release tomorrow.