General Motors sales fall hard

GM said its July sales were down 15% in July compared to an estimate of 8.0%.

Sales were terrible for the Big 3 in July and that will be an additional headwind for the US dollar as those numbers filter through other economic data.

Car makers are now faced with the decision to either cut production or increase incentives in order to move the inventory.

"We have strategically decided to reduce car production rather than increase incentive spending or dump vehicles into daily rental fleets, like some of our competitors," Kurt McNeil, U.S. vice president of Sales Operations, said in a statement.

Their economists predict a rebound later in the year but it's tough to see why.