That's the fastest sales pace for new cars and trucks for this calendar year and a 6.4 percent increase from April's figure. Big ticket purchases -- such as a new car or truck -- show consumer confidence in the economy increasing, a necessary element to get out of the recession.
Consumer Confidence: Americans are regaining faith in the economy and feel as if they have more money in their wallets. The ABC News Consumer Comfort Index hit a high in May as Americans felt more at ease with the state of things. In recent weeks, that confidence has waned slightly, not because of some meltdown on Wall Street but by a rise in gas prices. The average price of a gallon of unleaded gasoline has gained roughly 60 cents since the end of April.
The Global Economy: China's economy shows signs of a strong recovery, in part due to its government's strong stimulus plan. U.S. Treasury Secretary Timothy Geithner on a recent trip to China said the efforts of China and the United States are starting to pay off and the global economy is showing "early signs of stabilization."