Harold Mitchell has penned an article today in Fairfax warning that the recent sharp decline in new car sales is like the “canary in a coal mine” for the economy:
Car sales are dropping. July sales were down 8 per cent and followed May and June which recorded reduced volumes on the previous year. My researcher and forecaster Charlie gets very excited about car sales as an economic indicator and he tells me we are experiencing the worst decline since July 2011. Something not so good is going on… car sales are like the canary in the coal mine…