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February 21, 2008

Another sign of Maryland's slumping economy

Car sales, as recorded and counted by the MVA, are one of the best, real-time tests of the state's economic strength. Maryland new-car sales fell 7.5 percent in January compared with the same month in 2007. Thanks to alert reader John for noting that the figures have been posted and also noting that the average vehicle sales price was down $700 for January. The number of used-car sales fell by 10 percent.

January sales may have been depressed because of the increase in the vehicle-titling tax from 5 percent to 6 percent that took effect after New Year's. That may have spurred people who otherwise would have bought early this year to purchase in December. But December sales weren't so great, either.

Posted by Jay Hancock at 11:48 AM | | Comments (0)
        

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.
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