Consumer Business Roundup: Scholastic Takes States To COURT, Car Sales JUMP
The publisher Scholastic (NASDAQ:SCHL) is taking the controversy surrounding Amazon’s (NASDAQ:AMZN) having to be state sales tax collector, to the U.S. Supreme Court. The former has been hit as certain states which are broke, consider teachers who boost sales of their books to be salespeople, even though they only earn book credits for their classroom, and not cash payments.
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June automobile sales reports are exceeding expectations for Ford (NYSE:F), General Motors (NYSE:GM) and Toyota (NYSE:TM) and are sufficiently strong for analysts to comfortably increase their annual industry-wide sales estimates to more than 14 million vehicles. For a frame of reference, in 2011 the industry sold 12.8 million vehicles and during the financial crisis in 2009 only 10.4 million cars were turned. On the other hand, economists fear that the current sales might be coming from a demand spike due to the aging U.S. consumer fleet, rather than any general rise in consumer confidence.
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