August U.S. vehicle sales seen slipping from year ago
August U.S. vehicle sales seen slipping from year agoAugust auto sales slip seen as likely
By Leslie Wines, CBS.Marketwatch.com
Last Update: 10:07 AM ET Sept. 1, 2004
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NEW YORK (CBS.MW) -- U.S. light-vehicle sales are likely to show an overall decline in August from year-earlier levels, with General Motors and Ford Motor expected Wednesday to report substantially lower sales, according to both Thomas Weisel and Morgan Stanley.
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In a research note, Thomas Weisel cited weakness in consumers' disposable income, high energy prices and slowing job growth as drags on auto sales.
Separately, Morgan Stanley forecast that the overall U.S. auto industry will show a 3 percent year-over-year sales drop for August. Thomas Weisel is projecting a decline of 1 percent to 3 percent.
For GM (GM: news, chart, profile), Morgan Stanley expects sales to decline by 7 percent to 8 percent from August 2003, and Thomas Weisel anticipates GM's sales will show a drop of 6 percent to 8 percent.
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