- US: ADP Employment Report **Annual Benchmark Revisions** (Feb)
- Brazil: NCI Economic Activity Index (Mar)
- Markit PMI: Service Survey - Japan, China, Russia, Spain, Ireland, Italy, France, Germany, Euro Area, UK, European Union, JP Morgan Global PMI, Developed Markets, Australia, US (Feb); Composite Survey- Japan, China, Hong Kong, Developed Markets, Russia, Ireland, South Africa, Spain, Italy, France, US, UK, Germany, Euro Area, Lebanon, JP Morgan Global,European Union (Feb); Markit PMI: Capacity Utilization (Feb)
- more updates...
Economy in Brief
U.S. Light Vehicle Sales Fall to Lowest Since April; Trucks Share is Trending Higher
Sales of light vehicles declined 2.6% during February to 16.23 million (AR) from 16.66 million in January...
U.S. Gasoline Prices Reach Another High; Crude Oil Prices Decline
Gasoline prices continued upward by 14 cents last week to $2.47 per gallon (-28.9% y/y) following the prior week's 6 cent increase...
New York State Economic Conditions Recover but Prices Ease
The ISM reported that, for New York State, their February index of business conditions expected in six months increased to 71.7...
EMU Caught between a Rock and Soft Place as Germany Plays Ball instead of Games
Prices in the euro area continue to push lower as weak growth and dropping energy prices undercut the strength from price trends...
U.S. ISM Manufacturing Index Continues to Move Lower
The February reading from the Institute for Supply Management (ISM) declined to 52.9 following its January drop to an unrevised 53.5...
U.S. Personal Income Increase Continues to Outpace Spending
Personal income rose an expected 0.3% during January (4.6% y/y) following an unrevised 0.3% December increase...
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|