by Calculated Risk on 8/01/2008 02:11:00 PM

Headline from the WSJ:

General Motors reports 26% decline in light-vehicle sales in the U.S. for July.

From the WSJ: Ford, Toyota Sales Slide

U.S. auto sales tumbled in July, kicking off the second half of a dismal year, with Ford Motor Co. posting a 15% drop and Toyota Motor Corp. recording an 12% decline.

"We expect the second half of 2008 will be more challenging than the first half as economic and credit conditions weaken," said Ford marketing executive Jim Farley.

Sales will probably be dismal in the 2nd half of 2008 as the recession deepens, and credit markets tighten. It won't help sales that all three U.S. automakers are cutting back or eliminating their lease programs.