This August's sales results are expected to be revealed soon, but before that we've already made some expectations which regretfully will become true. U.S. new vehicle sales will decline this month, which will mean the industry's chances of beating the full-year record set in 2015 will decrease.
The industry faces and uphill struggle to match last year's performance. The vice president of a popular forecasting Automotive company, Jeff Schuster said in a statement that with the mixed economic signals, seems like the U.S. auto sales are certainly at the peak now. Even so, it is important to focus on the sustainable high level of demand. A peak doesn't mean doom and gloom. We expect a 16.8-17.3 million selling rate which will be down from the 17.86 million in July. The incentive spending in the first 17 days of July had an average of $3,559 per vehicle. General Motors and Ford Motor Co. are projected to lose the most market share in August according to the forecasts revealed by many companies. Probably the ford sales will tumble 9.8% and GM' sales will fall down to 5%.
This Friday the Labor Department will release its report on the nation's hiring unemployment for August. The unemployment rate is expected to remain steady at 4.9 %, which of course can't be better for the automotive industry.