Global car sales are on track for a worse year than in 2008

Global manufacturing has been a drag on the world economy all year. A recovery could be around the corner--but only if conditions are right.

America's manufacturing sector got clobbered in 2019 as the effects of the US-China trade war took their toll. Globally, things didn't look much better. Weak auto sales across the board have added to the sector's plight.

"The downturn in the global car market since the middle of 2018 has been a key force behind the slump in global manufacturing, and the car sales picture is turning out a lot worse than we expected," said Brian Coulton, a chief economist at ratings agency Fitch.

With only a month left in the year, global auto sales are on track for a 3.1 million drop, about 4%, for the year, according to Fitch. That would be the biggest decline since 2008, when the financial crisis hit, and the second year in a row that sales have fallen. Fitch expects worldwide car sales to total 77.5 million in 2019.

https://www.msn.com/en-us/money/companies/global-car-sales-are-on-track-for-a-worse-year-than-in-2008/ar-BBXntfc?li=BBnbfcN

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