- Mexico: Inflation & GDP Expectations (Jun), Gross Fixed Investment (Apr)
- Spain: Employment Contracts, Intl Reserves (Jun), Pharmaceutical Spending (May)
- Ireland: House Building Cost Index (May)
- Turkey: CPI, Domestic PPI (Jun)
- Romania: Retail Trade (May); Croatia: Retail Trade (May); Czech Republic: Foreign Trade (May); Hungary: Import/Export Prices, Foreign Trade (Apr); Georgia: CPI (Jun)
- more updates...
Economy in Brief
U.S. Initial Jobless Insurance Claims Nudge Higher
Initial unemployment insurance claims gained to 281,000 (-10.7% y/y) in the week ended June 27...
Euro Area PPI Inflation Still Falls Year-on-Year
In May the PPI excluding construction was dead flat...
U.S. Light Vehicle Sales Backpedal; Trucks Share Improves
Total sales of light vehicles declined 3.5% during June to 17.16 million units (+1.5% y/y)...
U.S. ADP: Payroll Rise Is Strongest This Year
The ADP/Moody's National Employment Report indicated that nonfarm private sector payrolls improved 237,000 during June following a 203,000 May increase...
U.S. ISM Manufacturing Index Improves to Best Level Since January
Factory sector activity is strengthening...
Challenger Job Cut Announcements Improve
The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements during June increased to 44,842 (42.7% y/y)...
by Tom Moeller June 1, 2011
Lower consumer confidence can quickly translate into less spending. That seems to have been the case during May. Consumer Confidence dropped 7.9% last month according to the Conference Board. Today's news is that unit sales of light vehicles dropped 10.5% last month to 11.79M units (SAAR) after the 0.5% uptick during April. The Consensus expectation was for sales of 12.8M, according to the Bloomberg survey. (Seasonal adjustment of these figures is provided by the U.S. Bureau of Economic Analysis.)
Sales of autos fell hardest by 15.4% m/m to 5.77M. Domestic sales slipped 16.4% to 3.95M and sales of imports fell 13.3% to 1.82M.
Sales of less fuel efficient light trucks declined 5.1% m/m to 6.02M. Domestic model sales fell 4.5% to 5.14M while imports dropped 8.1% to 0.88M, the lowest level since June of last year.
Imports' share of the U.S. light vehicle market slipped to 22.9%. (Imported vehicles are those produced outside the United States.) Imports' share of the U.S. car market rose to 31.6% versus the record 35.0% for all of 2010. Imports' share of the light truck market fell to 14.7% versus 19.7% in 2009.
The U.S. vehicle sales figures can be found in Haver's USECON database.
|Light Vehicle Sales (SAAR, Mil. Units)||May||Apr||Mar||Y/Y||2010||2009||2008|