Here Come US Auto Sales...
Analysts estimate the pace of sales slipped to an annualized rate of 16.20 million from 16.33 million in March.
"Motor vehicle sales jumped 7% in March to a new cycle high of 16.3 million after starting the month well, accelerating mid-month, and then ending the last weekend particularly robustly according to company comments," noted Morgan Stanley's Ted Wiesman. "Mid-month industry surveys for April indicate that the momentum coming out of March continued in further upside in retail sales, but a pullback in fleet deliveries is expected to the leave the overall selling rate slightly lower."
"The trend for auto sales has been obscured for much of the past six months," said Citi's Peter D'Antonio. "The timing of holidays, changes in tax laws and extreme winter weather all have contributed to wild swings in sales without major shifts in market fundamentals."
"Looking ahead, auto sales could continue to gradually increase, in line with an ongoing improvement in overall consumer health," said Bank of America Merrill Lynch.