U.S. auto sales to fall in April

Low inventory levels at automakers and rising interest rates will slow sector sales, according to forecasts by JD Power and LMC Automotive. Raw materials shortages and consumer inflation are slowing demand.

The consultancy's report said U.S. retail sales of new cars could fall 23.8 percent to 1.1 million units in April from a year earlier. The average cost of cars purchased will drop 18.7 percent to $45.2 thousand.