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Wednesday, July 2, 2014

June Auto Sales at Fastest Pace in 8 Years

Auto sales increased 1.2% in June. The annualized selling rate reached 16.98 million, the largest pace since July 2006. The GM recall and the shortened month of June did not damper auto sales, a positive sign for future growth.

Stronger job growth, increased consumer confidence and improving consumer finances all contributed to the auto gains. Moreover, auto loans are easier to obtain as banks ease lending standards.

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