Yet, despite falling sales and a warning from GM, durable goods orders for autos and auto parts rose 1.2% in May. That was on top of a 0.5% gain in April.

The auto mystery continues as today's advance trade data from the Census Department shows Wholesale inventories rose 0.3% and retail inventories rose 0.6%. The auto-related details were even more interesting.

International Trade in Goods by Category

Auto imports for the past two months are down a total of 4.6%. Auto exports for the past two months are up a net total of 0.7%.

This helped the balance of trade data but for the quarter, the balance of trade is still negative as noted in Trade Deficit Narrows as Exports Rise and Imports Drop: 2nd Quarter Trade Impact Still Negative.