Tooting our own horn

Last week we pointed out, regarding the month of August:

..., capital goods exports were weak, as we expected. But what surprised were foreign auto shipments at negative 1.8 percent. Javier, in his usual persistent fashion, has dug up a credible explanation for this. Taking his cue from the monthly production report from the auto manufacturers umbrella group, Anfac,

'August saw an 11.22% decline in production. This reflects the work stoppage necessary to adapt plants to the new models assigned to Spanish plants.'

September data's out. Any questions?

Charles Butler and Javier García Echegaray