Ford's Fields Doesn't See Double Dip (F)

Ford's F North American CEO Mark Fields said he doesn't see a double dip recession, despite the fact that the recent economic news has been bad, reports the Wall Street Journal. Fields said, "at this point, we don't see a double-dip." Fields said that August could be a tough month compared to last year when the government ran its "cash for clunkers" program. Last year, the run rate for new cars sold was 14-15 million with the program. Now, auto sales are at a rate of approximately 11.5 million to 12 million cars. Fields went on to note that the weaker than expected data on July home sales could impact consumers, as it would hit "most importantly on consumer confidence." Fields also said that a rate of 11-12 million cars, where sales are currently running, is still below historic trends. He said consumers may be putting off major purchases due to worries about finances and job prospects. Ford has been performing strongly since the Detroit automaker decided not to take government bailout money during the financial crisis of 2008. As a result of not taking government money, consumers have rewarded the company by buying its products. Ford has gained market share as a result of this, gaining market share every month for the past two years. Shares of Ford gained 8 cents today to close at $11.32. 78 million shares were traded today, stronger than the daily average volume of 70 million shares.