- China: Manufacturing PMI (Oct)
- US: Agricultural Prices (Oct), Consumer Sentiment (Oct-final), Employment Cost Index (Q3), Personal Income (Sep)
- Ireland: Money Supply (Sep), Credit Measures (Sep)
- Spain: Capacity Utilization (Q4), BOP (Aug), Central Govt Debt (Sep), Consumer Confidence (Oct)
- Consumer Sentiment Detail (Oct-final)
- US: Chicago PMI, Milwaukee PMI (Oct)
- US: Underlying NIPA Tables (Q3-Adv), Key Source Data (Q3)
- more updates...
Economy in Brief
U.S. Employment Cost Index Strengthens
The employment cost index for private industry workers jumped 0.7% (2.3% y/y) in Q3'14, following an unrevised 0.8% Q2 rise...
Euro Area Joblessness Hangs High as Other Activity Gauges Wither
October 31 has turned out to be a very bad data day for the European Union as well as for the euro area...
U.S. GDP Growth in Q3 Is Stronger Than Expected
GDP grew 3.5% last quarter (2.3% y/y) following an unrevised 4.6% rise...
U.S. Initial Claims for Jobless Insurance Tick Higher
Initial claims for unemployment insurance during the week ended October 25 rose to 287,000 (-17.1% y/y) from 284,000...
EU Indices Head Higher in October
The EU overall sentiment index rose to a level of 104 in October from 103.5 in September...
FOMC Ends QE As Economy Improves & Inflation Remains Low
The Fed indicated that labor market improvement, moderate growth in household spending and positive business investment growth allowed for ending QE...
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|