• US stock market daily report (June 02, 2015, Tuesday)

    Record sales of new cars and trucks in the USA during the month of May is likely to result in the auto industry having the best sales year in a decade. During May, consumers bought cars and trucks at the fastest pace in nearly a decade. Leading sales were for pickup trucks and SUVs.

    General Motors Company (GM-NYSE) forecast industry U.S. sales to finish May at a seasonally adjusted annualized rate of 17.6 million vehicles, the strongest pace since January 2006. During May, GM sales rose 3% for 293,097 vehicles sold. Sales for GMs pickup trucks and the Chevrolet Equinox crossover rose 30%.

    Ford Motor Co. (F-NYSE) May sales fell 1% as sales from the F-Series pickup trucks fell by 10%. While the F150 remained Fords primary model and in high demand, Ford said it is reducing downtime at two plants this summer, as it ramps up production of a new aluminum version.

    May sales data for other car makers:
    Audi +11%
    Fiat Chrysler +4%
    Nissan -0.8%
    Toyota -0.3%
    Volkswagen of America +8.1%

    Total car and truck sales are reviewed each month as an early view of U.S. consumer spending. Easier consumer credit has been attributed to the increase in sales. Experian reported on Monday that, for Q1 2015, the average length of vehicle loans in the USA hit record highs, with nearly 30% of new-vehicle loan terms longer than six years.

    Contributed by Millennium Traders
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