Amid a week filled with crucial economic data, investors will get a pulse on the U.S. manufacturing and consumer on Tuesday when the June auto sales is released.
According to data compiled by Bloomberg, total auto sales are expected to have fallen to a seasonally-adjusted rate of 17 million vehicles, down from the 17.3 million vehicles last month. Most of the biggest automakers are expected to release their quarterly results, with a few releasing monthly sales figures.
“New light vehicle sales will likely slow to 16.3M units in June after a strong increase to 17.3M in May. The 17.3M pace in May appears unsustainable considering rising auto loan rates and relatively tight consumer auto loan lending standards,” Nomura predicted in a note on Friday. “In addition, the elevated influx of leased cars into used car markets suggests more consumers may seek out more affordable used cars as alternatives. Considering these market conditions, we expect new light vehicle sales to continue to moderate in 2019.”
Analysts are expecting that the trend of strong truck sales and soft passenger-car sales will continue when June’s results are revealed.
Meanwhile, no major corporate earnings are scheduled for Tuesday.
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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