auto sales plunged to a 27-year low in January

U.S. auto sales plunged to a 27-year low in January, a steeper-than-expected drop that took the slumping U.S. market below China's for the first time.

The two U.S. automakers struggling to restructure under a $17.4 billion government bailout led the market lower. Chrysler LLC posted a 55 percent sales plunge. Sales for General Motors Corp were down 49 percent.

The bleak results were one of the first indicators of the depth of the recession at the start of 2009, underscored by sharp declines by the industry's stronger players.

Toyota Motor Corp, the world's top automaker, was hit with a 34 percent sales decline. Sales were off almost 30 percent for Nissan Motor Co and 28 percent for Honda Motor Co.

Industry-wide sales dropped 37 percent, taking the annualized sales rate to 9.57 million vehicles, the lowest level since 1982. But that understates the depth of the downturn since the U.S. population has increased about a third since.