General Motors Co. and Ford Motor Co. reported sales declines that exceeded analysts’ expectations as the U.S. auto industry headed for its worst August in 28 years. Chrysler Group LLC deliveries rose more than expected.
GM said deliveries fell 25 percent to 185,176 from 246,479 last August, when the U.S. government’s “cash for clunkers” incentive program boosted sales. The largest U.S. automaker was expected to report a 19 percent decrease, including an adjustment for the number of selling days in August, the average estimate of four analysts surveyed by Bloomberg. On that basis, sales fell 22 percent, Detroit-based GM said in a statement.More Here..
Construction Spending Tumbles
WASHINGTON (Reuters) - U.S. construction spending fell more than expected in July to its lowest rate in 10 years, according to a government report on Wednesday that added to fears economic growth was stagnating.