April's auto sales, combined with the ISM report on manufacturing and data on construction spending, should help allay some of the concern over growth slowing in the second quarter.

The Fitch Ratings agency lifted Ford's credit rating from junk status to investment grade Tuesday, a sign that the company's recovery from near collapse is almost complete.

But Ford Motor Co. needs another agency, either Standard & Poor's or Moody's, to make the same upgrade before it can get its blue oval logo, factories and other assets out of hock.

It can only be good news for a city that is seen as a decrepit joke across America, but auto sales are growing so fast for the Big Three in Detroit that Ford (NYSE: F), General Motors (NYSE: GM) and Chrysler are facing a battle to keep up with demand.

Toyota (NYSE: TM) announced today that it would cut its 2011 profit forecast by 54% as floods in Thailand affected its supply chain and the company estimated that production would fall by 230,000 vehicles due to the shortfall.