New cars sold in March at a much faster pace than analysts at Cox Automotive had expected just last week, but their chief economist said the Fed's rate hike can brake auto sales and makes a recession more likely.
U.S. Bureau of Economic Analysis data released Wednesday showed new cars and light trucks were sold at a seasonally adjusted annual rate (SAAR) of 15.9 million in April, up 11.4% from a year earlier and up 7.2% from March.
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