According to the European Auto Manufacturers Association, passenger car sales in the European Union (EU) this year are hitting their lowest level since 1990 — the first year total sales numbers were tracked. Compared to the same period last year, sales so far this year are down 5.2 percent, or 7.84 million units. And these numbers come at a time when some of the EU’s most devastated economies, such as Greece and Spain, have actually shown signs of life. However, historically high jobless rates are more than enough to depress car sales in those countries, along with investor enthusiasm for any European recovery in the near future.
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