The decline in European car sales in March looks severe, at over 6% compared to the previous March. But almost all of this decline is accounted for by the fact that the Easter holiday occurred in March this year, but not last year. If we look behind the raw figures to the seasonally (and calendar) adjusted selling rate, it emerges that the underlying level of demand in March was actually slightly higher than it has been in the two previous months of the year.
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