China's vehicle sales growth may have fallen below the U.S. levels if recent figures are any indication.
A lot of traders have been trying to figure out what, if any, effect, China's recent stock market volatility would have on the economy.
We're getting some inkling of that from car sales. The China Association of Automobile Manufacturers (CAAM) has cut its full-year forecast for vehicle sales growth to 3 percent from 7 percent.
Three percent auto sales growth? For a full year? In China? That is a serious slowdown. It was 6.9 percent in 2014, which was also slower than in previous years.
Heck, U.S. vehicle sales are likely to be up 5 percent this year.
It's even worse on a month-by-month basis. June saw China sales decline by 2.3 percent from a year earlier. The first half of 2015 saw sales up only 1.4 percent.