US momentum slows: not economic weakness but oversold market

Few brands could boast sales gains of any significance in the US this July as overall momentum continued to slow. Autodata puts the seasonally adjusted annual rate (SAAR) of sales for the month at 16.69 million units, below most forecasts. Kelley Blue Book had been anticipating 17 million for the month, with Edmunds.com expecting 16.9 million. It's the third consecutive month below the 17 million mark and generally in line with forecasts for the first full-year decline since the recession.