U.S. auto sales surge in August to highest level since 2005
Sales of new autos in the U.S. jumped in August to the highest level since 2005, propelled by stronger demand for trucks. Auto sales rose to an annual rate of 17.81 million last month, according to Motor Intelligence. Truck sales rose at 10.1 million rate, also the highest in 10 years. Trucks sell at higher prices and deliver more profits for auto makers. The auto industry has been helped by low interest rates, tumbling gas prices and an improved U.S. economy, encouraging buyers to swap aging vehicles for new ones.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.