Auto Industry's Economic Impact Increases
Aug. 5, 2014—The auto industry’s contribution to the economy has grown in recent years, the International Business Times (IBT) reported after the Department of Commerce released the second-quarter U.S. gross domestic product numbers.
The data shows the automotive industry contributed 0.42 of a percentage point of annualized growth to the nation’s overall 4 percent GDP growth between April 1 and June 30 this year, according to IBT.
Auto sales are on their way back up to pre-recession levels, though many automakers were surprised by slower-than-expected growth in July, Reuters reported. While many were expecting an 11 percent jump from this time last year, the market saw around 9 percent.
The seasonally adjusted selling rate for the month was nearly 16.5 million, according to the Wall Street Journal, which is still up from around 15.8 million at this time last year.