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U.S. markets recover from steep losses
DETROIT, Nov. 3 (UPI) -- The annual rate of vehicle sales in the United States plummeted in October, early estimates show.
The annual rate of sales based on September figures was 12.5 million units, General Motors Corp. sales analyst Mike DiGiovanni said.
For October, DiGiovanni said, preliminary figures indicated an annual rate of about 10.7 million units, well below the annual break-even point for U.S. automakers of about 16.2 million vehicle sales per year, the Financial Times reported Monday.
"Until the credit markets open up and consumer confidence improves, the entire U.S. economy, and any industry like autos that relies on financing, will suffer," said Mark LaNeve, GM's North American marketing chief.
Adjusted to account for population growth, October was "probably the worst industry sales month in the post-World War II era," he said.
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