Courtesy of John Nyaradi.
U.S. auto sales post strong gains in October
Both foreign and domestic auto manufacturers reported strong sales gains for October in the important Consumer Discretionary Sector (AMEX:XLY)
Strong results were posted by S&P 500 (AMEX:SPY) component Ford (NYSE:F) with sales up 6%, Chrysler rising +27%, and General Motors (NYSE:GM) gaining a 2% improvement. Double digit results were reported by Mercedes, Volkswagen and KIA.
Forward looking estimates point towards continued improvement in the sector.
Bottom line: The American consumer, (AMEX:XLY) all important contributor to 70% of GDP, continues to show remarkable resilience in the face of high unemployment and scary headlines.
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