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Tax Reform in This Election Year: It's Not Likely
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Auto purchases increased 0.7% last month, the highest rate in the past half-year. The "cash for clunkers" program is credited with the spike, particularly given that other retailers continued to struggle.
Not including the auto sector, retail sales were up only 0.1% in July. So, the car manufacturers are getting their bump, but to call a recovery would still be premature. It's even gotten to the point where dealers are running out of inventory.
Car sales in the United States might be struggling, but in China, they are moving product. Passenger vehicle sales spiked 48% last month, its biggest gain since February 2006. Chinese buyers picked up 872,900 cars in June 2009, according to the China Association of Automobile Manufacturers, and total auto sales (with buses and trucks included) climbed 36% to 1.14 million year-over-year.
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