DETROIT (AP) - Automobile sales in the U.S. 2% in the first quarter, another sign the nation's economy is starting to slow. Automakers sold just over 4 million vehicles from January through March, according to Ward's Automotive Intelligence, and industry analysts blame the decline on rising vehicle prices, competition from an abundant supply of late-model used vehicles and relatively high interest rates. Weak sales of cars, harsh winter weather and the partial government shutdown also had an impact. Jeremy Acevedo, Edmunds.com's manager of industry analysis. Most analysts are predicting vehicle sales of around 16.9 million this year, still strong but down from last year's 17.27 million. Sales peaked in 2016 at 17.55 million. Prices are a big factor. 36,410 in the end of the first quarter, up 3.3% from a year ago. Auto-loan interest rates, on average, hit their highest point in a decade at 6.36%, up from 5.66% a year ago, according to Edmunds, which provides content to The Associated Press. The report of falling sales came a day after the Commerce Department reported that retail sales dropped 0.2% in February as consumers pulled back from spending on building materials, groceries, furniture, electronics and clothing.
This June 24, 2018, photo shows unsold 2018 Suburbans at a Chevrolet dealership in Englewood, Colo. Automobile sales in the U.S. 2% in the first quarter, another sign the nation's economy is starting to slow. Analysts for Cox Automotive said the economy is seeing rapid deceleration from a peak in growth during the past year. Gross domestic product growth hit 4.2% in last year's second quarter, but has slowed since. The U.S. economy also is affected by a slowing global economy that's been hit by trade uncertainties, the Cox analysts said. Charles Chesbrough, senior economist for Cox Automotive, said Americans have bought 85 million new vehicles during the past five years. Plus, Chesbrough said he expects a record 4.1 million vehicles to return to the market this year largely from two- and three-year leases. That gives consumers a choice to buy late-model vehicles at around a 40% discount from new ones, he said. But even with a decline this quarter, auto sales are still healthy. Patrick Manzi, senior economist with the dealers' association, said that although consumer confidence is waning, it remains high, showing that consumers still are willing to make large purchases. Also, job gains have been steady and wage growth has been accelerating. General Motors, down 7% to 665,840. Chevrolet Silverado pickup sales were off 15.7%, and it was bumped from its normal spot as the nation's No. 2-selling vehicle by the Ram pickup. Hyundai brand sales were up 2.1% to 147,585, led by the Tucson SUV with a 3.4% increase. Kia sales rose 7.6% to 136,596, led by the Soul small SUV with 19.3% increase.
MEXICO CITY, April 15 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Monday he will create a "Robin Hood" institute to return to the people the ill-gotten wealth seized from corrupt politicians and gangsters. His administration is drawing up a bill to create an independent "Robin Hood" institute "against the corrupt" that would put confiscated goods such as real estate, jewelry and cars into the public's hands, the president told reporters. For example, the institute could assign seized homes to municipalities for schools, hospitals or elderly care centers, he said. Assets seized by the government tend to have been ransacked or require expensive upkeep, he noted. He did not estimate the value of the assets, or offer details on how they would be given back to the people. Since taking office in December, veteran leftist Lopez Obrador has rolled out a string of welfare programs for the poor and the elderly, cut salaries for top civil servants and says he is saving public money by eliminating corruption. Lopez Obrador has shunned the often luxurious trappings of Mexico's wealthy elites, choosing to fly coach and drive through the capital in a white Volkswagen Jetta. Immediately upon taking office, he turned over the presidential palace to the public and put his predecessor's official plane up for sale.
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