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Before TTT says it.
BETTER THAN SHRINKING
HERE'S SOME MORE GOOD:
new us car sales up:
New car buyers, shunned by lenders just four years ago, now are benefiting from historically low interest rates and more-available credit, pacing a U.S. auto market that is hovering near pre-recession levels.
General Motors Co. (GM) and AutoNation Inc. (AN), respectively the top-selling automaker and dealership group in the U.S., are among companies pointing to ample financing for new car and truck purchases pushing sales comfortably past 15 million this year, the highest since 2007.
http://www.bloomberg.com/news/2013-02-28/auto-sales-reach-pre-recession-level-on-low-financing.html
another sign like the home sales that banks are lennding more now that the market is rising and people are spending og big ticket items since the job growth is better
The number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting some traction in the labor market recovery.
Initial claims for state unemployment benefits dropped 22,000 to a seasonally adjusted 344,000, the Labor Department said on Thursday. The prior week's claims figure was revised to show 4,000 more applications received than previously reported.
Economists polled by Reuters had expected first-time applications to fall to 360,000.
Claims have seen large swings in recent months because of difficulties smoothing the data for seasonal fluctuations, making it hard to get a clear pulse of the labor market's health.
But economists say not all the improvement in claims can be attributed to seasonal factors, suggesting some pick-up in the labor market recovery.
Read more: http://www.foxbusiness.com/economy/2013/02/28/weekly-jobless-claims-fall-more-than-expected/#ixzz2MF5j67Be
c'mon
admit it
The S&P 500 still managed to close out February with a fourth straight month of gains. JC Penney Co Inc (JCP.N) was the day's biggest loser, falling 17 percent to $17.57 after the department store operator reported a steep drop in sales.
The U.S. economy grew slightly in the fourth quarter, a turnaround from an earlier estimate showing contraction, and a drop in new claims for unemployment benefits last week added to a batch of data suggesting the economy continues its sluggish improvement.
The Dow was within striking distance of its record high after a year-to-date advance of more than 7 percent. The Dow's record closing high, set on October 9, 2007, stands at 14,164.53, while the Dow's intraday record high, set on October 11, 2007, stands at 14,198.10.
http://www.reuters.com/article/2013/02/28/us-markets-stocks-idUSBRE91O0BJ20130228
This is agree with.
interesting article.....here's another one I found interesting yesterday
http://finance.yahoo.com/news/cars-increasingly-reach-many-americans-145957880.html
New Cars Increasingly Out of Reach for Many Americans
Looking to buy a new car, truck or crossover? You may find it more difficult to stretch the household budget than you expected, according to a new study that finds median-income families in only one major U.S. city actually can afford the typical new vehicle.
The typical new vehicle is now more expensive than ever, averaging $30,500 in 2012, according to TrueCar.com data, and heading up again as makers curb the incentives that helped make their products more affordable during the recession when they were desperate for sales.
According to the 2013 Car Affordability Study by Interest.com, only in Washington could the typical household swing the payments, the median income there running $86,680 a year. At the other extreme, Tampa, Fla., was at the bottom of the 25 large cities included in the study, with a median household income of $43,832.
The study looked at a variety of household expenses, such as food and housing, and when it comes to purchasing a new vehicle, it considered more than just the basic purchase price, down payment and monthly note, factoring in such essentials as taxes and insurance.
( More From CNBC: 10 Super-Hot Cars That You Will Never Drive )
Bottom line? A buyer in the capital can purchase a car with a sticker price of $31,940, slightly more than the new vehicle average for the 2013 model year and about what it would cost for a mid-range Ford Fusion sedan or a stripped-down BMW X1 crossover. The buyer in Tampa? They'll just barely cover the cost of a basic Kia Rio, with $14,516 to spend.
"If you live in New York City or San Francisco, you're probably going to have to pay a lot for housing, but you don't have to pay a lot for a car," said Mike Sante, the managing editor of Interest.com, a financial decision-making website.
Affordability has been a matter of growing concern for the auto industry in recent years as prices have continued to move upward. Even the most basic of today's cars are generally loaded with features that were once found on high-line models a few decades back - if they were available at all - such as air conditioning, power windows, airbags and electronic stability control, as well as digital infotainment systems. They also have to meet ever tougher federal safety, emissions and mileage standards that have added thousands to the typical price tag.
( More From CNBC: Must-Have Super Car: $1.6 Million and Not Yet Legal )
"The average compact car of today has the features of a midsize model somebody might be trading in - but it may be just as expensive," said David Sargent, director of automotive operations for J.D. Power and Associates.
That is one reason why many buyers have been downsizing in recent years, said Bill Fay, general manager of Toyota, though he added that "there is still a lot of affordability in the marketplace."
Perhaps, but industry planners have come to recognize that they are targeting a much smaller segment of the American public than in decades past. That's one reason why most manufacturers are offering more downsized models.
They also are working with their dealers to offer certified pre-owned programs where buyers can stretch their budget by purchasing a two- or three-year-old vehicle that has gone through an extensive inspection and, if necessary, repairs and replacements. Such vehicles may cost slightly more than a conventional used model but usually include a like-new warranty.
( More From CNBC: The Detroit Auto Show's Hottest Cars )
While the typical new vehicle will likely nudge up this year, Interest.com editor Sante stressed that car costs are one of the most controllable parts of a household's budget. "You're better off driving something more affordable and saving or investing the difference."
If the typical new car costs $30,550, with an average monthly payment of $550, the five cities most able to meet - or come close - are:
1) Washington
Average Household Income: $86,680
Affordable Purchase Price: $31,940
Maximum monthly payment: $628
2) San Francisco
Average Household Income: $71,975
Affordable Purchase Price: $26,786
Maximum monthly payment: $537
3) Boston
Average Household Income: $69.455
Affordable Purchase Price: $26,025
Maximum monthly payment: $507
4) Baltimore
Average Household Income: $65,463
Affordable Purchase Price: $24,079
Maximum monthly payment: $468
5) Minneapolis
Average Household Income: $63,352
Affordable Purchase Price: $24,042
Maximum monthly payment: $470
At the other end of the scale, those five cities least able to handle a car payment are:
21) Phoenix
Average Household Income: $50,058
Affordable Purchase Price: $17,243
Maximum monthly payment: $348
22) San Antonio
Average Household Income: $48,699
Affordable Purchase Price: $17,137
Maximum monthly payment: $334
23) Detroit
Average Household Income: $48,968
Affordable Purchase Price: $17,093
Maximum monthly payment: $332
24) Miami
Average Household Income: $45,407
Affordable Purchase Price: $15,188
Maximum monthly payment: $295
25) Tampa
Average Household Income: $43,832
Affordable Purchase Price: $14,516
Maximum monthly payment: $282
Isn't a $31K car on $86K income is a bit extravagant?
I still don't see how you feel that restarting the subprime lending is good for the country..? It just transfers all the former debt from foreclosures and short sales to the tax payers and sets it up to do it again. Bizarre.
when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
"“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
Today it's payback time as moments ago we learned that the US consumer gave back all the December gains and then much following news that while spending did nothing, and came in as expected at 0.2%, personal income imploded by 3.6% on estimates of a modest 2.4% drop. This was the biggest drop in personal income in 20 years just as the US consumer's confidence was soaring at least according to such manipulated aggregators as UMich. What this also led to was that not only is the stock market back to 2007 levels, but so is the personal saving rate, which crashed from 6.4% to 2.4%, the lowest since November 2007, and leaving Americans with the least purchasing power just as the full impact of a government that is flirting with austerity is starting to be felt. And just as bad was the material 4% pullback in real
disposable personal income or adjusted for inflation.
"Consumers can’t spend what they don’t have, and they don’t much much,” summarized Bloomberg economist Rich Yamarone.
Just don't tell the TV talking heads on financial comedy TV for whom the only thing that matters is how high two algos can chase the hot potato known as the Dow Jones Industrial Average. .
http://www.zerohedge.com/news/2013-03-01/consumer-taps-out-income-plunges-most-20-years-savings-rate-crashes-2007-levels
That's who I would listen too.
when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
"“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
No, I already saved enough money to retire early at 56 next year, I could keep working but i'm not going to send any more tax money to the leeches and moochers.
No, We have been getting screwed for the last couple of years. Can't get much worse!
Good for you, stop whining.
when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
"“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
Maybe he's right flush with everything in a Roth?
Maybe
when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
"“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
"“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
Not the whole day. I save those up for huntin' and fishin'.....
wonder who is buying allthe cars then?
Chrysler Group LLC said Friday its U.S. sales of 139,015 in February rose 4 percent from 133,521 a year before and were its best February sales in five years.
The sales tally barely missed the consensus estimate of 140,159 from analysts surveyed by Thomson Reuters.
The automaker, majority owned by Fiat SpA, said sales of the Dodge, Ram Truck and Fiat brands posted year-to-year increases, while the Chrysler and Jeep brands saw declines from a year before.
Chrysler is the first of the major automakers to report February sales. - See more at: http://www.chicagotribune.com/business/breaking/chi-auto-sales-febuary-20130301,0,5071684.story#sthash.jQP6lk8Z.dpuf
DETROIT (AP) — Tax increases. Rising gas prices. Political dysfunction in Washington. None of that could keep Americans away from auto dealer showrooms in February.
Industry analysts expect last month's sales to be up about 7 percent from February of 2012 as the U.S. auto sales recovery keeps powering its way through bad news and uncertainty. Automakers release February sales figures Friday.
"I think these little speed bumps aren't big enough to slow down the momentum right now," said Jeff Schuster, senior vice president of forecasting for LMC Automotive, an industry consulting firm.
http://www.businessweek.com/ap/2013-03-01/ahead-of-the-bell-february-auto-sales
now this one is SHOULD but i'm buying in based on other indicators:
A rebound in pickup trucks should contribute to higher U.S. auto sales in February and for the rest of this year.
“Pent-up demand for pickup trucks by small businesses will be a critical factor in this year’s continued sales recovery,” said Jesse Toprak, senior analyst for TrueCar.com.
Small A rebound in pickup trucks should contribute to higher U.S. auto sales in February and for the rest of this year.
“Pent-up demand for pickup trucks by small businesses will be a critical factor in this year’s continued sales recovery,” said Jesse Toprak, senior analyst for TrueCar.com.
http://www.forbes.com/sites/jimhenry/2013/02/27/u-s-auto-sales-to-pick-up-in-february-thanks-in-part-to-pickups/
to recap:
It is beginning to feel a lot like 2007 in Detroit. But in a good way.
Before most U.S. auto makers slid into bailouts and bankruptcy, light-vehicle sales were a heady 16 million a year. Industry leaders have made clear they aren’t building their businesses based on that heyday and have stripped out overheads accordingly. Could we get back there soon?
Yes—if consumers change their behavior.
Friday’s reports on February car sales are likely to show a rise to 15.5 million vehicles on an annualized basis, according to Edmunds.com, among the best figures of the recovery. But an analysis from Bankrate shows that a typical U.S. household can afford to spend $17,535 on a new car. The average cost last year was $30,000.
Sales today are being boosted by car loans that cost about half of what they did in 2007 and by rising credit availability. Overall costs of ownership, though, are barely lower than in 2007.
http://blogs.wsj.com/drivers-seat/2013/03/01/are-u-s-car-sales-still-gaining-momentum/
optimism
thats why I found the article interesting. What it says makes sense, however, it would suggest a downturn in the car market bussiness.
one thing to keep in mind though is they say things are up from last year. Well, you are comparing to rock bottom, so up is relative.
not all, several are saying best since 2007, the last five years
but yes they are,t as good as fiver years ago, but they are getting better
that is the whole point,marked improvement
lol frank, great video haha