Auto sales were a big part of this, but it was still double analyst estimates. For an economy that runs on consumer spending, these figures are a clear indicator pointing towards recession.
Wholesale inflation was also up.
For an overview on the crisis, watch the Prophet of Doom, Nouriel Roubini, on Bloomberg:
P.S. You know what I like about Roubini besides that fact that he has been an accurate and truthful forecaster? His tie is always undone. Watch his interviews. He just can’t stand that tie around his neck.