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Car sales slump as vehicle prices continue to surge

Car sales slump as vehicle prices continue to surge
Published: July 5, 2021 11:32 PM EDT
Vehicle sales dropped again in June, the second month in a row of declining vehicle sales, as rising prices and shortages keep would-be buyers away.
Imported vehicle sales fell 13.1% from the previous month while domestic vehicle sales also declined, down 8.7% overall as auto sales shrank 11.2% and truck sales fell 8%. The declines dragged car sales to below their pre-pandemic level.
“Vehicle sales have contracted for two consecutive months as extremely high prices, particularly for used cars, is cutting off demand,” Oxford Economics’ Mahir Rasheed said in a research note. ....

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Car sales slump as vehicle prices continue to surge

Car sales slump as vehicle prices continue to surge
cbsnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cbsnews.com Daily Mail and Mail on Sunday newspapers.

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Rising Energy Prices Lift Producer Prices. Overall Inflation Still Looks in Check.

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Producer prices continue to climb after falling earlier during the pandemic. Here, an employee makes dry ice pellets at Capitol Carbonic, a dry ice factory, in Baltimore on a recent day.
SAUL LOEB/AFP/Getty Images
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A measure of the prices businesses receive for their goods and services climbed last month even as the pandemic intensified, paced by rising energy costs.
The producer-price index rose a seasonally adjusted 0.1% in November, the Labor Department said Friday, matching the expectations of economists polled by the Wall Street Journal. The increase is the index’s seventh consecutive, following gains in October of 0.3%. ....

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