March Car Sales Numbers Debunk Oil And Gas Price Fears

Tuesday, April 03, 2012 10:44
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March Car Sales Numbers Debunk Oil And Gas Price Fears

Tags: economic indicators | Economic Outlook | economy | oil

Chrysler reported a 34% jump in sales in the March auto sales report. GM and Ford lagged behind with GM reporting a 12.5% increase and Ford 5%. High gas prices are not having much effect on consumers wishing to buy new cars with greater fuel efficiency. Cars getting 30 or more miles per gallon are driving the increase in sales.

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Foreign car manufacturers are also seeing increases.  Sales at Nissan were up 12.5% and Volkswagen AG experienced a 35% increase. Sales of German cars in the US increased 41% from the same date one year ago. Results from all car makers are not yet in but the numbers reported seem to counter fears that high oil and gas prices could derail the economic recovery.  

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