At the outset of 2008, Fitch Ratings analysts enumerated several reasons why the auto industry needed to keep a vigilant watch over unemployment rates. Not much has changed in the unemployment rate, yet Fitch analysts now seem to have a much rosier, it still cautious, outlook on the auto ABS sector.

In a report titled "U.S. Auto Finance: Road Work Ahead" from last February, analysts highlighted the important role that unemployment plays in the health of the auto industry. It seemed that the rating agency delivered a sobering rundown of prospects for the U.S. auto finance industry.

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