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Import auto sales top Big Three

Sales of import brands overtook their domestic rivals for the first time last month, even as weak demand for autos spread to Asian and European manufacturers, according to CNN.
Combined, the U.S. automakers - General Motors, Ford Motor and the Chrysler Group unit that is being sold by DaimlerChrysler - reported a 19 percent decline in sales in July versus a year earlier, compared to single-digit declines or even modest gains reported by most overseas automakers in the period.

Posted by Peter C. T. Elsworth  at 4:39 PM to Sales | Permalink | Comments 0

Oil Retreats After Hitting New Record

Energy Futures Pause After PlungeOil prices retreated after jumping to a new record Wednesday on the U.S. government's report of a steep drop in crude inventories and surge in refinery activity, according to the Associated Press.

Crude prices initially rose after the Energy Department's Energy Information Administration reported that oil inventories fell by 6.5 million barrels last week, far more than expected. But gas futures fell on word that refiners ramped up their operations much quicker than expected.

Light, sweet crude for September delivery fell $1.68 to settle at $76.53 a barrel on the New York Mercantile Exchange after rising as high as $78.77 earlier. That surpasses the previous intraday record of $78.40, set in July 2006.

Posted by Peter C. T. Elsworth  at 4:36 PM to Oil | Permalink | Comments 0

Auto Sales Fall Across Industry in July

Auto sales took a dive across the industry in July thanks to high gas prices and reluctant consumers, with General Motors reporting a 22.3 percent decline and Ford sales down 19.1 percent, automakers said Wednesday, according to the Associated Press.

Posted by Peter C. T. Elsworth  at 4:32 PM to Sales | Permalink | Comments 0