Photo: Hyundai
We're now two weeks into a the US government shutdown, an unprecedented event in recent years, the negative effects of which have yet to be fully felt. The standoff between republicans and democrats started on October 1st and is affecting consumer confidence, not to mention the bank accounts of government employees.
In a Bloomberg interview, Hyundai Motor Co. US sales boss John Krafcik sasid he believes new vehicle sales could drop as much as 10% in October.
September sales were already down 4.2 percent, the first month of decline in two years. Is the US auto industry running out of steam? Is the economic recovery in trouble again?
“It’s that anxiety that keeps customers, potential buyers, on the sidelines when making a big purchase like an automobile,” he said. “We’ll probably see the industry off five to 10 percent this month, compared to where it was in September. I think a lot of it has to do with this shutdown discussion.”
September sales were already down 4.2 percent, the first month of decline in two years. Is the US auto industry running out of steam? Is the economic recovery in trouble again?
“It’s that anxiety that keeps customers, potential buyers, on the sidelines when making a big purchase like an automobile,” he said. “We’ll probably see the industry off five to 10 percent this month, compared to where it was in September. I think a lot of it has to do with this shutdown discussion.”
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