Tag: cash for clunkers

Ford returns to profitability amid cost-cutting

Ford returns to profitability amid cost-cutting

US carmaker Ford has today reported its first annual profit since 2005 after a turbulent 12 months for the American car industry. The company reported an annual net profit for 2009 of $2.27 billion (£1.4 billion) compared with a loss of $15 billion in 2008. Meanwhile, for the fourth quarter of 2009, profit was $868 [...]

US retail sales up 1.4% in October

US retail sales up 1.4% in October

Figures published by the Commerce Department today have revealed a better-than-expected 1.4% rise in US retail sales for the month of October. Analysts had expected a rise of 0.9%. The rise follows a revised 1.5% decline in September, and October’s rise was attributed to an increased demand for cars, despite the Government’s ’cash for clunkers’ [...]

US consumer spending falls in September

US consumer spending falls in September

The Government’s Car Allowance Rebate System (CARS), branded the “cash for clunkers” scheme, is believed to have contributed to the fall in US consumer spending, which fell for the first time in five months in September, and was the largest decline since December. According to the US Commerce Department, spending fell 0.5% in the month, [...]

World’s largest economy sees third quarter growth

World’s largest economy sees third quarter growth

Official figures today have revealed that the US economy expanded at an annualised rate of 3.5% between the July and September period, suggesting that the economy has exited its worst recession in 70 years. The figures have come as no surprise after many economists had expected that the economy would experience positive growth in the [...]

Has the world’s largest economy exited recession?

Has the world’s largest economy exited recession?

Figures due at 1230 GMT will reveal if the US economy has exited recession. The US entered the current recession in late 2007 and many analysts believe the world’s largest economy will have exited recession by experiencing positive growth of 3% in the third quarter (according to David Buik at BGC Partners). However, there are [...]

US industrial production sees third straight monthly gain

US industrial production sees third straight monthly gain

There are signs of recovery within the US manufacturing sector after the Federal Reserve reported a rise in industrial production for the month of September. The US central bank said output at the nation’s factories, mines and utilities grew 0.7% during the month – higher than the 0.2% rise expected by analysts and follows the [...]

US retail sales fall as scrappage scheme ends

US retail sales fall as scrappage scheme ends

The Commerce Department today revealed a fall in US retail sales for the month of September as the US Government’s Car Allowance Rebate System (CARS), branded the “cash for clunkers” scheme ended. According to the organisation, retail sales in the world’s largest economy fell 1.5% on the month – the largest amount in 2009 to [...]

Popular US Cash for Clunkers scheme comes to an end

Popular US Cash for Clunkers scheme comes to an end

The US Government’s Car Allowance Rebate System (CARS), branded the “cash for clunkers” scheme has boosted car sales with Ford reporting a 17% rise in sales in August compared with July. General Motors (GM) said sales had soared by 30% from July this year but did report a 20% drop in year-on-year sales. Overall, total [...]

‘Cash for Clunkers’ scheme boosts US industrial output

‘Cash for Clunkers’ scheme boosts US industrial output

Demand for cars and carmakers has resulted in a rise of 0.5% in US industrial output for the month of July – boosted by the US Government’s Car Allowance Rebate System (CARS), branded the “cash for clunkers” scheme. The rise was the first in 9 months and exceeded analysts forecasts. The rise in industrial output [...]

US unemployment rate in shock fall

US unemployment rate in shock fall

The Labor Department has revealed some good news for the world’s largest economy today, showing that the 247,000 jobs were lost in July – much less than analysts had forecast. The decline meant the unemployment rate dropped from 9.5% in June to 9.4% in July – the first fall since April 2008. Analysts had expected [...]

US scrappage scheme receives further $2bn

US scrappage scheme receives further $2bn

The US Government’s Car Allowance Rebate System (CARS), branded the “cash for clunkers” scheme has received an additional $2 billion (£1.19 billion) – approved by the US Senate, after an initial $1 billion ran out in just 10 days. The “cash for clunkers” scheme has been designed to help bring the US economy out of [...]

US vehicle sales improve in July

US vehicle sales improve in July

It seems that the US Government’s Car Allowance Rebate System (CARS), branded the “cash for clunkers” scheme is proving successful after July has been the best month for sales in almost a year. While both Chrysler and General Motors (GM) posted a fall in sales, Ford reported that sales were up 2.3% from a year [...]