June auto sales beat expectations (14.05 million vs 13.9), and the increase over the past year was a very impressive 23%. Sales never move in a straight line up or down, so it's the trend that is most important, and there is no sign that the trend has faltered. From the recession low of early 2009, sales are up over 50%. That's a robust gain of an annualized 14.5% rate, and strong evidence that the economic fundamentals are improving. The economy is still in recovery mode, to judge by this indicator.
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