GM, Ford and Chrysler all missed sales estimates. GM just announced a 1.3% gain in January vehicle sales vs a 4.4% estimate. Retail deliveries were DOWN 2% in January while fleet sales were up 16%. That’s a worrying result.

Ford was down 6.3% in January while Fiat Chrysler was down 13%. All were expected to show modest gains in January.

This is just one month’s result in a volatile gauge, to be sure, but December’s fall in the savings rate to 2.4%, the lowest since 2007 and close to the lowest on record, raises concerns about the sustainability of consumer spending.