Problem is, the second guessers are second guessing the second guesses. No
wonder the numbers are so screwed up! ;-D
Ron
00 PB SLT QC 4X2 5.9 46RE 3.92 LSD
For modifications see my DML Profile (URL follows)
http://www.twistedbits.net/WWWProfile/dakota/Kw9pV1EkFeOYY
-----Original Message-----
From: owner-dakota-truck@buffnet.net
[mailto:owner-dakota-truck@buffnet.net]On Behalf Of Stlaurent Mr Steven
Sent: Thursday, March 01, 2001 4:17 PM
To: 'dakota-truck@buffnet.net'
Subject: DML: AUTO SALES FOR FEBRUARY 2001
DETROIT, (Reuters) - Detroit's Big Three automakers reported a
smaller-than-expected drop in February U.S. vehicle sales Thursday, as
the Motor City pointed to signs of a possible soft landing for the slowing
U.S. economy.
Industry experts said February sales were running at a seasonal
adjusted annual rate of about 17 million, well ahead of predictions. The
results
were still well below the 19.2 million rate of February 2000 -- the second
best ever -- and automakers were still trimming their production plans
in anticipation of slightly lower sales.
But if the trend in February continues, U.S. vehicle sales would easily
be on track toward their third best year ever in 2001.
``We can scratch our heads, rub our chins or vice versa and contemplate
the paradox before us,'' said George Pipas, Ford Motor Co.'s sales
analyst.
``Of course, I'm talking about the apparent disconnect between a
healthy rate of auto sales in the midst of a zero-growth economy and five
consecutive months of declining consumer confidence.''
General Motors Corp. , the world's largest automaker, said its U.S.
sales were down 9.8 percent, with car sales off 8.8 percent and light
truck sales down 10.7 percent.
No. 2 Ford, meanwhile, reported a 10.8 percent drop in U.S. vehicle
sales for February, in line with analysts' expectations. Its car sales were
down 8.5 percent, while its truck sales were down 12.2 percent.
Sales at the ailing Chrysler unit of DaimlerChrysler AG ) were off 10
percent, beating expectations. U.S. car sales were down 13 percent,
while light truck sales were off 10 percent.
``We remain optimistic about the prospects for a 'soft landing' and
healthy auto sales,'' said Bob Rewey, Ford's vice president of Global
Consumer Services and North America.
All results exclude the automaker's foreign brands, and are based on
the daily sales rate; there were 24 sales days last month, one less than a
year ago.
SLOWDOWN SINCE OCTOBER
Overall, U.S. sales of cars and light trucks have slowed since October
versus year-ago results, as consumer expectations for the slipping U.S.
economy went from bad to worse. The Conference Board said on Tuesday its
index measuring Americans' confidence in the economy slumped
in February for the fifth straight month to its lowest level in more than
4-1/2 years.
However, Federal Reserve Chairman Alan Greenspan said Wednesday that
weakness in home- and car-buying has been modest. The
Conference Board survey also found consumers still planning to buy
big-ticket items such as new cars and homes in the next six months, even as
they worry that their incomes won't grow and job prospects are dimming.
GM and Ford both said they were cutting output in the second quarter
compared with the same period a year ago, as they moved to slash
bloated inventories of unsold cars and light trucks.
GM said it had about 87 days' supply of unsold vehicles, while Ford
said it had about 80 days and Chrysler said its inventories were at the
industry norm of 60 days' supply.
Ford said it was revising its production schedule for the current
quarter upward by 10,000 vehicles, or about 1 percent. It had earlier
ratcheted down quarterly production on two occasions, and even with the
increase, production will be down 16 percent from last year's record.
GM said its second quarter production would run 17 percent lower than
last year. GM and Chrysler, which has announced 26,000 job cuts
to restore profits, have announced one-week shutdowns at a few plants in
March, while Ford said all of its plants will be running normally.
``Business activity as it relates to the consumer has been pretty
good,'' Pipas said. ``The big question mark is if and when consumer spending
lines up with consumer sentiment.''
Japan's major automakers, which have gained market share in recent
years at the expense of the Big Three, reported better results as a group
than their Detroit counterparts, meanwhile.
Toyota Motor Corp. said its U.S. sales were up 1 percent in February
while Honda Motor Co. said its sales rose 9 percent. But Nissan
Motor Co. said its U.S. sales fell 6 percent
^ REUTERS@
--------------------------------------
Steven St.Laurent
Test Engineer
Test Branch, GSD, MCTSSA
MARCORSYSCOM, USMC
(Work) 760-725-2506 (DSN: 365)
(Work) mailto:stlaurents@mctssa.usmc.mil
(Home) mailto:saint1958@home.com
"In fact, my work has already proven
itself to be correct. People such
as you just haven't gotten it yet.
(unknown author)
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