The automobile industry may be in descent mode, at least according to the auto loan statistics. From Tyler Durden at zerohedge.com:
In the history of data from The Fed, this has never happened before…
Aggregate Auto Loan volume actually fell last week… And less loans means one simple thing… less sales (because prices have never been higher and no one is paying cash)…
Which is a major problem since motor vehicle production continues to rise as management is blindly belieiving the Hillbama narrative that everything is (and will be) awesome.
The problem is… inventories are already at near record highs relative to sales (which are anything but plateauing)…
In fact, the last time inventories were this high relative to sales, GM went bankrupt and was bailed out by Obama.
The big picture here is simple… US Automakers face a plunge in auto loans for the first time in this ‘recovery’, and with sales plunging and inventories near record highs, production (i.e. labor) will have to take a hit… and that plays right into Trump’s wheelhouse and crushes Hillbama’s narrative just weeks before the election.
http://www.zerohedge.com/news/2016-09-17/well-thats-never-happened
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