- Korea: First 20 Days of Trade (Sep)
- Iceland: GDP **Change to ESA 2010** (Q2), Retail Trade, Turnover According to VAT Returns (Jun)
- Belgium: Consumer Confidence Survey (Sep)
- US: Household Employment for States and Regions (Aug)
- US: Regional Payroll Employment (Aug)
- Canada: Wholesale Trade (Jul), CPI (Aug)
- Korea: PPI (Aug); Pakistan: BPM6 BOP, Trade by Commodity,
- more updates...
Economy in Brief
Japan's Sector Indices Lose Momentum Again
Japan's economy is losing momentum again...
U.S. Financial Accounts Show Overall Pickup in Credit Market Borrowing
The Federal Reserve's financial accounts data for Q2 show total credit market borrowing at $2.32 trillion annual rate...
U.S. Housing Starts and Building Permits Decline
Housing starts during August slumped 14.4% to 956,000 AR (+8.0% y/y) following a 22.9% July jump to 1,117,000...
Philadelphia Fed Business Conditions Index Slips but Remains Firm
The Philadelphia Fed reported that its General Business Conditions Index for September edged down to 22.5 from 28.0 in August...
U.S. Initial Unemployment Insurance Fall to July Low
Initial claims for jobless insurance fell to 280,000 during the week ended September 13 from 316,000 in the prior week...
U.K. Retail Sales Rebound
U.K. nominal retail sales growth bounced back in August, rising by 0.2% after a 0.3% July decline...
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|