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07/31/2015

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I am not really sure what inferences Webb wants us to make. Was growth in new car sales very strong in the 2010-2014 period? Sure. But "how much autos have outperformed in recent years"? Not much.
It took THREE YEARS for Real GDP to recover to 2007 levels.
However, as of last year new car sales had not quite reached the 18.9m units of 2007, i.e. it took SEVEN YEARS for new car sales to go back to pre-recession level. I have a hard time calling this "over-performance". If anything, car sales growth have been lagging GDP growth, and even more so if you keep into account population growth. All this shows is how fast and spectacular was the new car sales contraption in 2008 and 2009 (-16% and -21%) and how much longer it took the industry to steadily recoup the lost ground.

First off, these are U.S numbers. So new vehicle sales in 2007 were not 18.9M - they were 16.15 million. (The peak was 2000 at 17.4 million.)

By any measure, this has been the weakest post-recession recovery in history. The recovery in auto sales has matched their pace in previous cycles - thus "outperformed" relative to economy

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