European auto sales hit new low

Car sales in Europe are still sagging despite the return of modest economic growth, according to AP. For the first eight months of the year, passenger car sales in the European Union were off 5.2 percent to 7.84 million compared with the same period last year, the European Auto Manufacturers' Association said Tuesday. That's the lowest January-August figure since the group started keeping track in 1990. New car registrations in August fell 5 percent from a year ago to 653,872, the association said. The economy in the 28-country EU grew 0.4 percent in the second quarter, ending a recession. But the unemployment rate remains high at 11.0 percent, making many consumers unable or afraid to buy a new car. The August downturn was distributed across Europe's biggest markets. Germany saw a 5.5 percent drop, despite a stronger economy than in other members of the 17-county eurozone. Registrations fell 10.5 percent in France, 18.3 percent in Spain, and 6.6 percent in Italy. Britain's was the only major market to expand, rising 10.5 percent.