In March, auto sales saw a significant increase of 5.3% from February, fueled by concerns over upcoming tariffs announced by President Trump. Consumers hurried to purchase vehicles at pre-tariff prices, creating urgency at dealerships. The spike in loan applications also corresponds to this tariff anxiety, with economists noting this as the largest sales jump since January 2023. Additionally, sales in related sectors like building materials indicate a broader anticipation of price increases across various industries due to these tariffs.
The new retail sales pace increased almost every week in February and March, with a strong surge at month-end with the import tariff announcement creating urgency in the final five days of the month.
Auto sales increased 5.3% in March from February, as consumers rushed to dealerships to buy cars at pre-tariff prices.
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