US auto sales in March hit their highest level since 2007, showing American consumers are indeed in a mood to go shopping.... luxury Cadillac brand was up by almost 50% compared to the same period last year.The sales numbers show the US auto industry is in a sustainable recovery. The news is even better for luxury brands, which posted stronger gains than their mass market counterparts. BMW, Audi, and Lexus all reported double-digit percentage growth in sales.
As mentioned previously in this blog, economists were oddly cautious in their forecast for 2013. I think they should have been optimistic instead. This, it seems to me, is further proof that GDP will grow by more than 3% in 2013. (That optimistic prediction is explained here, The Wealth Effect Will Boost 2013 GDP.)
