Auto Skid Marks At Year End Portend Expansion Cycle Running Out Of Steam

The numbers automakers have been publishing for December, and therefore total year sales, are not the sort that make you think things are getting better. All three of the formerly Big 3 US carmakers reported sharper declines in Q4 than expected (GM -6.3%, FCA -0.2%, Ford -1.3%). It was worse, apparently, for the imports. Much worse. Toyota down 6% in December (year-over-year), Honda -12%, and Nissan -15.9%.