When I posted something like this just a bit back I was told by a number of FReepers that I must not get out much that there was plenty jobs, cars and truck are selling like hot cakes, restaurants are full, flights are full, highways full of traffic, so I can only conclude that Mr. Clifton must not get out much either.
Bloomberg said this morning there are 5 million unfilled jobs out there. I wonder if they pay above welfare or if folks are just not willing to sacrifice/move/whatever to stay employed.
Look who is BUYING the cars. Largely credit criminals using extreme sub-prime financing backed by printed liquidity money (See Ally Bank, which used to be GMAC).
Trucks are selling because the fleet is the oldest it has ever been, and if you want to stay in business, you need reliable trucks.
Flights are “Full” because there are far fewer seats available today, than there were ten years ago.
ALL OF IT is being fueled by cheap money and cheap credit, not economic growth, while average wages continue to fall.
In my neck of the woods, yes. But I live near Detroit.
Hey, when people now have to work two jobs to earn what they used to with one, there are going to be more cars on the road. ;-)