In US auto sales increased for January 2012 but it upset the automakers with reporting less sales than forecast. January sales disappoint the car makers; the reported sales growth is 0.4% more than December month but its less than forecast (0.8%) value for January. Sales growth in January is 5.58% more than year over year.
Dow Jones Newswires economist survey forecast the car sales in January at 0.9% but its reported 0.4% growth. Mr. Millan Mulraine, senior US strategist said, “ Retail sales in US are being driven by the confidence improvement of the consumer and and also by decent income gains”.
Retails sales does not reach their forecast number due to high unemployment in past years, consumers are thinking of taking the car purchasing decisions. Unemployment has declined to 8.3% still people are thinking about their purchases. Increasing fuel prices also upset the car sales in US.
But the consumer interest will be increasing on buying the new cars and it will reach the forecast value for farther months.
Tags: US Auto Industry