Sales of light vehicles totaled 16.8 million at an annual rate in January, up from a 16.6 million pace in December (see top chart). The pace of sales in January remains well within the 16 to 18 million-unit range that we have seen for much of the past two decades. Unit vehicle sales fell significantly below the range as the 2008–9 recession began, hitting a low of just 9.0 million in February 2009. Sales began a slow recovery and returned to the 16 to 18 million range in March 2014 and have remained there for 71 consecutive months.
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