Vehicle sales plunge in March; GM off 19% Automakers reported two-figure U.S. sales decreases in March as demand for trucks and sport-utility vehicles plummeted and consumers held back because of concerns about fuel prices, housing and tightening credit. General Motors and Chrysler both reported a 19 percent drop in U.S. sales Tuesday. Ford's sales dropped 14 percent -- but March sales of the Ford Ranger made in St. Paul rose 7.9 percent. Even industry stalwart Toyota was down 10 percent compared with last March. Nissan fell 4 percent, and Honda reported a 3 percent drop.
Independent truckers protest fuel prices Many independent truckers pulled their rigs off the road Tuesday while others slowed to a crawl on major highways in a loosely organized protest of high fuel prices. Using CB radios and trucking websites, some truckers had called for the strike to protest the high cost of diesel fuel, hoping the action might pressure President Bush to stabilize prices by using the nation's oil reserves. By day's end, the protests ended up scattered: Major trucking companies were not on board, and Teamsters union officials and the Owner-Operator Independent Drivers Association denied organizing the protests.
Home building drops for 24th straight month Construction spending fell again in February as home building tumbled for a record 24th straight month. The Commerce Department reported Tuesday that overall construction activity dropped 0.3 percent in February, reflecting weakness not only in home building but also in nonresidential activity. Only government building projects showed a gain in February. Residential construction fell by 0.9 percent in February. Residential activity has fallen every month since March 2006, a record period of declines that underscored the severe downturn going on in housing.
National City may put itself up for sale National City Corp., Ohio's biggest bank, may sell itself as the Cleveland-based company faces the prospect of more losses from subprime home loans. The board of directors is reviewing "strategic alternatives," according to a statement, using language commonly understood on Wall Street to mean a company wants to be bought.
