Thursday, March 30, 2023

U.S. auto sales lose momentum in November: Wards Intelligence By Reuters


© Reuters. FILE PHOTO: Automobiles are shown for sale at a car dealership in Carlsbad, California

(Reuters) – The pace of U.S. auto sales slowed in November, data from analytics firm Wards Intelligence showed on Tuesday, amid a spurt in coronavirus infections.

Auto sales in the United States managed to bounce back since hitting a pandemic-fueled bottom in April, leading major automakers to ramp up production and boost weak inventories at dealerships.

However, rising COVID-19 cases in the U.S. states have increased the uncertainty over a speedy rebound.

The seasonally adjusted annualized sales pace for light vehicles dropped to 15.55 million units in November, from 16.21 million units in October and 17.09 million units in the year-ago period, according to Wards Intelligence.

Still, that is nearly double the 8.58 million units marked in April, when the sales pace hit its lowest since December 1970 due to pandemic-led lockdown restrictions.

U.S. manufacturing activity slowed in November, with new orders retreating from their highest level in nearly 17 years, as many workers stayed at home and factories were temporarily shut down, according to the Institute for Supply Management.

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