US auto sales are at their lowest since the great recession – BeInCrypto

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Car sales have dropped 38% since the beginning of the year to a level that has not been reached since the great recession in 2008.

Since most of the world is still locked up, most ordinary people lack a stable income. With consumer sales declining, most industries are experiencing a dramatic decrease in total sales. As BeInCrypto has previously reported, is the trust of US consumers. it also collapsed.

However, as consumer spending declines, more industries could soon be at risk and demand a bailout – the auto industry appears to be one of them.

The US auto industry is suffering

As the purchasing power of an average American declines, US auto sales decrease and they have also fallen sharply. According to the Office of Economic Analysis have car sales decreased by 38% The only other comparable decline is the one that took place during the great recession – and at that point the auto industry also received a bailout

With the Federal Reserve printing new currencies at a record $ 60 million per minute rate, such a bailout package could be on the table. The aviation industry and other sectors have already received emergency aid, so other sectors are likely to ask for help in the next stimulus package.

A deflationary crisis?

There is often talk of an inflation crisis in the crypto space because the Federal Reserve is tirelessly printing money. However, today’s global crisis is a depressed demand crisis. There is simply not enough spending to keep the economy alive, which leads to a fall in prices, which leads to a “deflationary shock”.

Bitcoin

Bitcoin

Bitcoin has remained stable at the moment, but is currently up 3.30% a day and is trading above $ 7,350.



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