4  BIS Review 96/2001  remarkably stable, despite the presumption that the September 11 shock would disproportionately affect the United States relative to our trading partners. Auto sales soared to record levels in October, prompted, to be sure, by zero-interest rate financing.
They likely will fall back once the incentives are reduced, but, in any case, the surge signals that households are still willing to make large long-term commitments despite the uncertainty and risks of a recession. Moreover, non-auto retail sales have recovered some--though not all, to be sure--of the ground they seem to have lost in the immediate aftermath of September 11.