European car sales hit 20-year low as EU struggles continue

European car sales hit 20-year low as EU struggles continue. The European automakers' association said that May was their worst month for car sales in 20 years. Demand for passenger cars fell by 5.9% in May. With unemployment averaging 12.2% across the EU, consumers are delaying the purchases of big ticket items like cars. Germany, France, Italy and Spain all saw car sales drop. England was the only major market to see higher sales. This new ugly data has S&P reviewing its growth forecasts for Europe as the situation continues to get worse. (VIEW LINK)