Black Friday Deals Credited With Boosting November Sales
New data is suggesting a revival near year’s end for the auto industry in the US. Reuters reported that Black Friday deals and consumer discounts helped boost recently-slumping auto sales in November to “between 4 percent and 5 percent, which could catapult results this year above a record high in 2015,” according to industry analysts and economists. A Reuters poll of 35 economic analysts revealed “expectations of a seasonally adjusted annualized sales rate of 17.7 million vehicles for November in the United States.” Another “poll of nine Wall Street analysts by Reuters showed expectations of 17.8 million in annualized sales.” The AP reported that according to Kelley Blue Book, “total U.S. sales were expected to rise 4 percent for the month to 1.37 million units,” which would mark “the highest November on record, beating the previous record of 1.32 million set in 2001.” USA Today reported that individual automakers’ sales were varied, but General Motors and Ford Motor both outperformed expectations. General Motors’ overall sales increased 10.2%, including “an 8% gain in retail sales, which are more profitable than sales to fleet customers.” Edmunds.com and Kelley Blue Book analysts “projected overall GM sales increases of 8.4% and 8.6%, respectively.” All of GM’s four brands reported increases, “with Chevrolet up 8.1%, GMC up 14.1%, Cadillac up 14.5% and Buick up 16.1%.”
What This Means For Small Businesses
Small business owners are looking to alleviate their uncertainty about the health of the US economy. News that consumers are buying large-ticket items like autos is a positive indication that the economy may be strengthening.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.