Friday, January 18, 2008

Big 3 economists: Industry outlook is dicey

This year will be the worst automotive market in a decade, economists from Detroit's Big Three automakers say, but they add that they do not believe the bottom is about to drop out, The Detroit News reports. A moribund housing market, continued fuel-price concerns and worrisome consumer sentiment are expected to lead to declining auto sales this year. But economists representing GM, Ford and Chrysler who spoke Tuesday at a Society of Automotive Analysts conference said monetary and fiscal policy adjustments, a stabilizing overall economy and consumers buying more fuel-efficient models should mitigate the sales decline. General Motors Corp. expects annual sales to hold flat at last year's 16.1 million unit level, while Chrysler LLC projects 15.5 million to 16 million units sold, and Ford Motor Co. 15.7 million.

from: the Detroit Press
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