By Spencer,July auto and light wagon sales are being reported at 11.2 million yearly rate.That is a very significant increase from the second quarter average of 9.5 million and implies that consumption in the third quarter GDP information will be up significantly.
I do not have detailed information of how much of this is due to "Cash for Clunkers".But the point that people are eager to take on a new set of car payments is a good sign for customer confidence and spending.
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