US Auto Industry in "Recession"

Planet Earth sighs with relief...

The head of Nissan Motor Co. said even if the United States is not in recession, its auto industry is.

"We are very lucid on the situation of the industry that there is a recession in the United States, at least in the car market," Chief Executive Carlos Ghosn told reporters, saying automakers face rising costs for iron ore, precious metals, aluminum and other materials.

"These represent risk for the industry," he said.

AP