Great news from Detroit. The recession is over. Cars are going to start flying off the lot any day now. At least that’s what the big three carmakers are saying and the media is reporting.
The three biggest carmakers in America called a bottom to the long decline in U.S. auto sales as the industry reported its smallest monthly sales drop this year.
Just one thing. Don’t break out the champagne and confetti yet. Things aren’t as rosy as Detroit would have you believe. Get a little deeper into the story and you discover the truth:
New-vehicle sales in June fell 28% from a year earlier to 860,000 cars and light trucks, according to the market-research firm Autodata Corp. That would be the smallest decline in any month this year.
In similar news, the Japanese government announced that Hiroshima was actually an indication that they won World War II.
Source: Wall Street Journal
