In what optimists would have you to believe is a sign of a rapidly improving economy but is more likely the result of people moving back in with their parents, reports are filtering in that the number of delinquent auto loans took a noticeable tumble in the second quarter of this year. By “tumble” we of course mean “nominal decrease.”
According to the American Bankers Association, the number of 30-days past-due auto loans arranged through dealers dropped from 3.26% to 3.42% which, for those of you who were asleep during basic arithmetic, is only .16%. Really not much better, the percentage similarly past due loans financed outside dealerships directly to consumers plunged from 3.01% in the first quarter to 2.46% in the second. Together, those staggering drops and the predictions of economists who have already achieved tenure clearly indicate the recession has ended.
Of course unemployment insurance claims remain basically stagnant, but that’s probably just an anomaly.