US auto sales released today showed a nice increase y/y in November. Sales were up about 14% y/y to 14m vehicles on a seasonally adjusted annualized rate. There seems to be a lot of optimism surrounding the sector, but as the chart below shows, the sales pace is still well off its former levels. The chart shows sales as a 3 month moving average in order to cut out some noisy months (like during cash for clunkers).
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