TIME Autos

Americans Bought a Lot Of New Cars In May

Chrysler Fiat Announces Jeep Brand Will Anchor Company Overhaul
The 2014 Jeep Cherokee undergoes assembly at the Chrysler Toledo North Assembly Plant Jeep May 7, 2014 in Toledo, Ohio. Bill Pugliano—Getty Images

General Motors, Chrysler and Nissan reported new highs in car sales that haven't been seen in upwards of seven years

General Motors, Chrysler Group and Nissan Motor Co surprised industry analysts with a spike in new car sales on Tuesday, signaling a surge in consumer confidence for big ticket purchases.

Fortune reports that GM sales climbed 12.6 percent in May to 284, 694, a seven-year high. Chrysler also posted a seven-year high in May, according to Reuters, led by a 58 percent jump in sales of its Jeep SUVs. Chrysler said its annual sales were tracking toward 16.9 million vehicles.

Nissan’s U.S. sales climbed 58 percent above May of last year to a record 135,934 vehicles.

[Fortune]

TIME Economy

Americans Splashing The Cash At 2008 Levels, Survey Finds

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Tom Hahn—Getty Images

Gallup survey says consumer spending hit a six-year high in May, a significant $10-a-day increase on the month before

American consumer spending hit a six-year high in May, according to survey results released by Gallup on Monday.

Americans reported spending $98 a day, spiking $10 above the April average and climbing higher than any other point since May of 2008.

Gallup noted that spending was buoyed, in part, by a surge of Memorial Day weekend shopping. Past surveys have typically registered $3 to $6 jumps, but this year, with spending jumping by $10, the results suggest something deeper is stirring in the economy, other than a sudden demand for hot dogs.

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