The bad news: The U.S. auto industry's stockpile of unsold cars and trucks totaled nearly 4 million units on June 1.
The good news: At 68 days, the supply of 3,955,700 vehicles is down from 74 days on May 1. And the days supply is not a record for May - it was higher in 1995.
All this does not mean the industry is sitting pretty. Strategies for dealing with the glut vary from a 15 percent production cut for the third quarter - on top of a similar cut last quarter - at Ford Motor Co. to increased incentives by General Motors and the Chrysler group.
"Whichever tactic prevails, the margin outlook remains poor in our view," says John Casesa, an analyst with Merrill Lynch in New York.
GM and Ford each had a 79-day supply on June 1, down from 83 days the previous month.
Ford Division had an 83-day supply of 834,900 vehicles on hand. The glut came mainly from trucks, 89 days, reflecting heavy stock of the F series, Ranger, Excursion and Econoline.
The Chrysler group had a 62-day supply, reflecting low stocks of Dodge cars. There is less than a 40-day supply of the Dodge Neon, Intrepid and Stratus.
Toyota was the leanest of the Japanese marques on June 1, with only a 37-day supply of 253,200 vehicles on hand, down from 49 days a month earlier .
Honda had a 40-day supply of 194,000 vehicles, with a short supply of in-demand vehicles such as the Element (39 days), Odyssey (24 days) and Pilot (17 days). Smaller Japanese makes are in the worst shape. For example, Mitsubishi had 113 days on hand June 1, or 89,300 vehicles, up from 86 a month earlier.