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Auto sales in the U.S. show early signs of a rebound as Ford Motor Company posted a sales percentage loss for the month of June of just 10.7 percent. This is the automaker's smallest sales decline in 16 months, prompting an unusual amount of optimism in the auto industry.

Many automakers still suffered significant decline, however, with Toyota posting a 31.9 percent loss. Surprisingly, General Motors fared only slightly worse, despite the company's bankruptcy filing, with a 33.4 percent loss. Recently emerged from bankruptcy, Chrysler sales dropped 41.9 percent for the month. Honda also had less than positive numbers with a 29.5 percent loss, but in context that isn't so bad as Honda was also the only one of the top six automakers to post a gain during the same period a year ago.

Nissan lost just 23.1 percent, it's smallest decrease since last August.

In total, June sales losses average out to 28.4 percent, dipping below the 30 percent mark for the first time in months.

The rebound is prompting some automakers to raise their forecast of annual U.S. auto sales to the 10 million mark - something which seemed impossible just a few months ago.

Other automakers reporting less than terrible numbers include BMW and Subaru. The German luxury automaker dropped just 20.3 percent, its smallest loss since January and Subaru actually posted an increase of 3.4 percent.

More: Ford Leads Charge As Auto Sales Show Signs of a Rebound on AutoGuide.com