I've been watching the auto sales figures trickle out for February and I have to tell you, they are absolutely horrid
. General Motors said sales plunged 52.9% from a year ago. Ford reported a 48% drop, Toyota said sales tanked 40%, Nissan said sales dropped 37%, while Honda confessed to a 38% decline and BMW said sales tanked 35%. Economists were looking for a seasonally adjusted sales rate of 9.4 million units on the month overall. That compares with a typical rate over the past several years of 16 million.UPDATE:
The annual rate of sales for February came in at 9.1 million units, the lowest since December 1981.