Some optimism for US auto market with June sales

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City of Industry, CA --(www.USEquityNews.com)-- 07/02/2009 - Auto Manufacturers industry alert provided by U.S. Equity News. DETROIT (AP) -- After a yearlong free fall in the American car market, the decline of sales slowed in June, offering hope to automakers that the bottom has been reached and more shoppers may slowly start returning to showrooms soon.


Overall, automakers sold 859,847 vehicles in June, a 28 percent drop from the same month last year, according to Autodata Corp.

Sales declines slowed for four of the six major carmakers, with Ford Motor Co. reporting the smallest drop of 10.7 percent. For many months, Ford and other companies have been reporting year-over-year declines of 40 percent or more.

Analysts say that's among the signs that the auto industry's slump that began with $4 per gallon gasoline last summer could be leveling off.

"It is unlikely things will get any worse," said Jesse Toprak, executive director of industry analysis for the auto Web site Edmunds.com. [Read the full article]

DETROIT (AP) -- U.S. car and truck sales showed signs of stabilizing in June after a year of sharp declines, but every major automaker except Honda Motor Co. reported lower sales than in May.

Still, year-over-year declines last month slowed for four of the six major carmakers, with Ford Motor Co. reporting the smallest drop in a year at 10.7 percent when compared with June of 2008.

Even Chrysler, which emerged from bankruptcy protection early in June, saw its year-over-year sales decline shrink, and analysts say that's among the signs that an auto industry slump that began with $4 per gallon gasoline last summer could be leveling off.

WASHINGTON (AP) -- Brighter news on manufacturing is offering more hope that the longest recession since World War II is near an end. But with construction and many other segments of the economy still weak and unemployment rising, any rebound likely will be slow. [Read the full article]

Reuters - A line of Ford autos wait for delivery at the Sill-TerHar Motors Ford dealer in Broomfield, Colorado June ...

DETROIT (Reuters) - U.S. auto sales tumbled 28 percent in June, the narrowest decline in nine months, as Ford Motor Co (NYSE:F - News) stole market share from its rivals.

Automakers said the results pointed to more stability for the economy, but fell short of marking a turnaround for the U.S. auto market after a punishing four-year decline.

Ford, the only U.S. automaker not supported by emergency U.S. government funding, reported a 10.9 percent drop in U.S. sales in June and took back the No. 2 position in U.S. sales from Toyota Motor Corp through the first half of 2009.

The sales results came as General Motors Corp (Other OTC:GMGMQ.PK - News) pleaded its case to the U.S. Bankruptcy Court to permit a swift sale of its best assets to a new company funded by the Obama administration and avoid liquidation.

GM, the top-selling automaker in the U.S. [Read the full article]

1 The Institute for Supply Management's factory index rose to 44.8 in June, the sixth straight gain, but still shy of the 50 mark that separates expansion from contraction. The production subindex rose to 52.5, expanding for the first time since Aug. The inventory gauge sank to the lowest since '82, a sign that any increase in demand could prompt further increases in output.

2 Firms cut 473,000 jobs in June after shedding 485,000 in May, according to ADP Employer Services. The federal employment report Thu. is expected to show that nonfarm payrolls fell by 365,000 with the unemployment rate rising to 9.6%. Announced job cuts fell 9% in June vs. a year ago to 74,393, Challenger, Gray & Christmas said.

3 Pending sales of existing homes edged up 0.1% in May, the Nat'l Association of Realtors said, a sign that the housing market may be stabilizing after a 4-year slide. [Read the full article]

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