Auto sales climbed in August for many of the world’s biggest automakers, with Chrysler sales jumping 20% and Ford sales rising by 0.4% despite expectations of a 1.2% decline.
Toyota sales were up 6.3% and Nissan/Infiniti sales increased by 11.5%.
GM, was the one outlier, with sales falling by 1.2%.
Bank of America Merrill Lynch economists said, “The data have been volatile, but auto sales appear to be on a higher track, supported by easing credit conditions and rising consumer confidence and financial health. Pent-up vehicle demand is also supporting sales, and we expect to see a decent gain in August after a pause in July.”