Next Domino To Fall: Inventory Glut Plagues US Auto Sector, New Prices Plunge In July

Sunday, August 18, 2019
By Paul Martin

by Tyler Durden
Sun, 08/18/2019

China, Europe, and India, some of the world’s largest industrial hubs for automobile manufacturing, have shuttered factories, laid-off workers and reduced average workweek hours, all due to an industrial slowdown that originated in the Eastern hemisphere in late 2017, early 2018. The industrial downturn has spread from East to West, now infecting the US economy.

So far US auto manufacturers have weathered the synchronized slowdown, but in a new report by Reuters, headwinds for the industry are starting to mount in 2H19.

Federal Reserve data shows auto vehicle and parts production was up 3.7% in the three months from May to July YoY. This is far better than the rest of manufacturing was down by 0.3% in May-July YoY, which was the fastest rate of change to the downside since Sept. to Nov. 2016.

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