U.S. auto sales top 13 million for second straight month   

Annualized seasonally adjusted U.S. sales of domestic and foreign autos and light trucks totaled 13.063 million in March; the sixth month in a row over 12 million, and second straight month over 13 million. Using our more stable 3-month moving average, sales are up 18.5% from the prior year. Sales had been fairly stable between March and September of 2010, but in Q4 sales accelerated, and continue to increase. Auto sales remain about 20% below the average annual sales of 16.7 million from January of 2001 to December of 2007, before sales started to decline in 2008. The low point for sales were the first six months of 2009, when annualized sales averaged 9.621 million. It is clear from the data that the $3 billion Cash for Clunkers program did nothing but reward people for buying cars later or earlier than they had already planned. Our graph shows a 3-month moving average of seasonally adjusted annual rates to smooth out some of the month-to-month volatility.