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Car sales remain very strong

April auto sales weren't up much more than expected, but over the past six months they have registered an impressive 15% annualized gain, and over the past year they are up by 16.7%. Contrary to the overall economy, which seems mired in an unusually slow-growth recovery, the magnitude of the auto sector recovery is comparable to the strong recoveries coming out of the 1982 and 1990-91 recessions.

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