Auto Sales Take Hit Due To Washington Budget Fight, But May Bounce Back With Settlement
DETROIT (AP) -- Auto sales tailed off last week, and some dealers and experts are pointing the finger at bickering politicians in Washington.
Data collected by J.D. Power and Associates show that sales fell in the second week of October as the partial shutdown of the government and the debate over the nation's borrowing dragged on. During the first week, sales ran at an annual rate of 15.6 million. But the rate fell to 15.3 million in the week ended Oct. 11.
Analysts such as Jeff Schuster expected sales to recover in October after a weak September, bouncing back to the robust pace seen in August. But J.D. Power data collected from auto dealers nationwide shows otherwise, and there's no explanation other than the government gridlock, said Schuster, senior vice president of forecasting for LMC Automotive, an industry consulting firm that works closely with J.D. Power.
"It's been enough of a hit to consumer confidence that it's affected sales," said Schuster, who would not give specific numbers.
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