- Germany: **GDP Changed to ESA 2010 (Q2-Final)**
- Markit PMI: Manufacturing Survey - Korea, Japan, China, Germany, France, UK, Czech Republic, Russia, Ireland, India, Poland, Switzerland, Turkey, Netherlands, Spain, Euro Area (Aug)
- South Africa: PMI (Aug); Bahrain: Balance Sheet, Domestic Debt (Jun); Eygpt: PPI (Jul)
- Slovenia: MFI Loans and Deposits by Households and Nonfinancial Corporations (Jul); Slovenia: GDP (Q2); Hungary: PMI (Aug)
- Greece: GDP (Q2)
- more updates...
Economy in Brief
Chicago Purchasing Managers Index Surges
Chicago purchasing managers indicated that their August index of General Business Conditions jumped to 64.3 this month...
Europe Is Beset with High Unemployment and Disinflation
Today's data underscore the difficulty faced by the European Monetary Union...
U.S. GDP Growth Is Revised Up; Corporate Profits Surge
The second GDP estimate for Q2 indicated a 4.2% rate of growth, revised up from 4.0%...
Kansas City Fed Factory Sector Activity Weakens M/M
The Kansas City Fed reported that its August Composite index of 10th District factory sector activity deteriorated to 3...
U.S. Initial Unemployment Claims Are Little-Changed
Initial claims for jobless insurance during the week ended August 23 slipped to 298,000 from 299,000 in the prior week...
U.S. Pending Home Sales Recover
Pending sales of single-family homes jumped 3.3% (-2.1% y/y) during July...
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|