The recovery of the auto industry may be heading for a detour.
Sales in the U.S. fell 10.8% in June from May, falling below the expectations of several automakers and many industry analysts.
"We just don't see a lot of people going to purchase cars unless there is some big incentive or deal," said Jessica Caldwell, an analyst at auto information company Edmunds.com. "Most people's personal finances have not improved over the past year, so they are gun-shy about purchasing a car."
Jeff Schuster, global forecaster at J.D. Power & Associates, said consumers appeared beaten down by volatility in the stock market, downbeat economic reports and the slow pace of job creation, creating challenges for an auto industry trying to recover from one of its worst periods ever last year.Read Article
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