Global Financial Crisis In November 2008
October sales of cars and light trucks in the United States fell precipitously in 2008 when compared with sales in October 2007, with General Motors falling 45%, Ford falling 30%, Chrysler falling 35%, Toyota falling 23%, Honda falling 25%, and Nissan falling 33%. Much of the falloff in sales was attributable to customers being unable to arrange financing. Except for Wal-Mart, which posted a slight gain, retail sales were off during October 2008 as compared with October 2007 in the United States with some moderate priced stores reporting double digit decreases. October retail sales were down 4.1% from October 2007 and down 2.8% from September 2008 with sales of cars and auto parts leading the way with a 23.4% decline from October 2007, and a 31.9% decline from September 2008.
Employment reports released by the Labor Department on Friday, November 7, showed that about 500,000 jobs were lost in the United States during September and October 2008 with unemployment rising to 6.5% at the end of October. The September figure was revised to 284,000 from the initial 159,000 reported. The initial October figure was 240,000. This is a substantial acceleration from the average 75,000 jobs lost each month since the beginning of 2008. It is anticipated by experts that unemployment will rise to 8% by the middle of 2009.
In the UK car sales fell by 23% in October, following a 21% decline in September.
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