U.S. auto sales slowed in July as rising interest rates, higher gasoline prices and falling demand for passenger cars dented the industry’s momentum after a strong first half of the year.
Overall U.S. auto sales dropped by 3.7%, according to analysts, due in part to one fewer selling day in July compared with the same month last year. However, sales dropped even as the economy remained strong and consumers continued to benefit from a tax cut adopted earlier in the year.
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