AUTO SALES SLUMP

U.S. auto sales fell 4.7 percent last month, the most pronounced slowdown of the year and a strong indication that 2017 will put an end to seven straight years of growth.

Auto executives and analysts, who have been anticipating a slowdown, saw no cause for panic. Many expect sales in the important economic sector to top 17 million for the third straight year, an industry first.

Still, sales have dropped for four straight months, the first time that’s happened since the economy ground to a halt in 2009. April sales totaled just

over 1.4 million, a figure that translates to an annual sales rate of 16.9 million, far below last year's record of 17.5 million. The April decline brought year-to-date sales down by 2.4 percent from a year ago.

General Motors, Ford, Toyota, Fiat Chrysler, Nissan and Honda all reported weaker U.S. sales than a year ago. Of top-selling automakers, only Hyundai and Volkswagen reported small increases.

Kelley Blue Book says it looks like 2017 U.S. sales will experience their first annual drop since 2009. It expects full-year sales of 16.8 million to 17.3 million.