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The rebound in auto sales is impressive

November auto sales came in a bit above expectations. Since hitting bottom in Feb. '09, sales are up at a 17% annualized pace, which is in itself rather impressive. Of course, the level of sales is still dismally low from an historical perspective—who would have thought, in the year 1976, that sales 34 years hence would be lower than they were then, despite a 62% increase in the labor force?

There is absolutely huge upside potential here once the economy gets back on solid footing.

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