Vehicle Sales Increase 6.7% From War-Slowed Period : Automobiles: Analysts call the mid-February rise disappointing because sales were weak during the Gulf War a year ago.

Sales of vehicles made in North America rose 6.7% in mid-February, industry figures showed Tuesday, but a rising tide of pessimism about the economy appeared to be jeopardizing a budding auto industry recovery.

The mid-February sales figures showed a disappointingly small increase over results in the same period last year, which were particularly dismal because consumers stayed away from car dealerships during the Persian Gulf War. That exaggerated the strength of the sales gains.

Late-January and early-February results had raised hopes that a rebound in auto sales had begun. On Feb. 14, auto makers reported a 23% surge in early-February sales. But Tuesday’s results were not encouraging.

The sales report coincided with the release of a widely followed monthly survey showing that consumers are growing more pessimistic about the economy. That could mean that auto sales will weaken in coming months.

“Last year, everyone was kind of concerned (over the fact that) people weren’t leaving their armchairs to even look at cars,” said Josh Harari, an auto analyst at Standard & Poors Corp. in New York. “It doesn’t appear to be much of an improvement.

“Even more concerning would be those consumer confidence figures. I think there’s cause for serious concern.”

Consumer confidence in February fell to its lowest point since the 1974 recession, the Conference Board reported Tuesday.

Auto issues also led the stock market lower. GM dropped $1.25 to $36.50, Ford lost $1.25 to $35.625 and Chrysler slipped 50 cents to $16.375.

Sales by the three U.S. auto makers--General Motors Corp., Ford Motor Co. and Chrysler Corp.--rose 4.6% in mid-February.

Sales of autos made in North America by Japanese-based companies rose 22.9%, much of it due to higher production of Toyota’s new Camry and to higher Toyota and Isuzu truck production.

“People are still making lots of noise about how consumer balance sheets are burdened with debt,” said Mary Anne Sudol, an auto analyst with Fitch Investors Service Inc. in New York.

“Most folks are expecting a very gradual recovery. If this is the beginning of it, it’s weak, but I’ll take it.”

The depressed level of auto sales and rising competition produced a record $7.5-billion loss for the Big Three auto makers last year. General Motors, which racked up the biggest loss ever for an American company, plans to cut 74,000 workers and shutter 21 plants.

This year, GM’s vehicle sales are up 5.4%.

Ford’s car sales were flat but its light truck sales increased 10.9%, adding up to a 4.3% improvement in the period. For 1992, Ford sales are running 8.6% ahead of last year.

At Chrysler, combined vehicle sales improved an estimated 14.5% based on the company’s average monthly market share over the previous 12 months.

An estimate is used because Chrysler does not release its sales figures on a 10-day basis. Estimated year-to-date vehicle sales are up 5.8%.

Among the transplants, Mazda’s car sales fell 62.1% because it discontinued its old MX-6 and 626 models. Production of the new 626 began Monday at the company’s Flat Rock, Mich., plant.