Automobile sales are plunging. Year-over-year they're down 7%. This is the seventh month in a row of year-over-year declines. Car sales are particularly bad. They’re down 11.7% year-to-date. Truck sales (including SUVs and vans) are down 2.5%. The Seasonally Adjusted Annual Rate (SAAR) of sales fell to 16.7 million, the fifth month in a row under 17 million, and down from 17.8 million in July 2016.
People are taking longer to pay off their loans. Loans of 84 months and longer accounted for more than 6% of retail sales for the first time ever.
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