The economic forecast looked bleak at the end of September, as markets closed for the worst month in three years on Friday. But at least one industry is faring well: The once-dying then-rescued auto industry. Ford, Chrystler and GM all posted increased sales. Meanwhile, Japanese automakers Honda and Toyota showed declines while still recovering from the March earthquake. Reuters reports:
Among the Detroit automakers, GM sales rose 20 percent, while Ford Motor Co sales rose 9 percent and Chrysler Group was up 27 percent.
Sales for Toyota Motor Corp dropped almost 18 percent for September, its first month at normal production levels since the March earthquake in Japan. Honda Motor Co sales declined by 8 percent.
The strong sales for expensive purchases has given hope about the broader economy. “Major automakers posted double-digit percentage U.S. sales gains for September in a rebound that General Motors Co said showed the economy was likely to steer clear of a double-dip recession,” reports Reuters.