by Calculated Risk on 12/03/2008 10:43:00 AM

Professor Hamilton is not prone to hyperbole, so when he writes about a "frightening new phase in the economic downturn", I pay close attention:

When I first saw the figure for November sales of cars manufactured in North America-- 236,000 units-- I thought maybe somebody had mistyped the first digit. Even 336,000 would have been a very bad month.
...
The wrenching changes that might be immediately ahead could mark the beginning of a frightening new phase in the economic downturn.

And here is his chart of NSA auto sales. The decline in November was stunning - even for those expecting bad news.

Source: Econbrowser / Wardsauto.com