- US: Employment Cost Index (Q2)
- US: Challenger Employment Report (Jul), RBC Consumer Outlook Index (Aug)
- Ireland: Institutional Sector Accounts (Q1), Money Supply (Jun)
- France: PPI for Agricultural Products, PPI, Household Consumption of Manufactured Goods (Jun)
- Spain: BOP (May), Business Climate Indicator (Jul), Construction Approvals, Housing & Building Completions (May), Building Construction Licenses (Feb), Central Govt Debt (Jun)
- more updates...
Economy in Brief
U.S. ADP Employment Increase Throttles Back
The ADP/Moody's National Employment Report indicated a 218,000 rise (2.2% y/y) in July nonfarm private sector jobs...
FOMC Sees Economic Rebound; Pares Back Bond Purchases Further
The Fed indicated that the economy, consumer spending, business investment and job creation each had improve...
EU Indices Take a Step Back in July as the EMU Reading Steps Up
The EU index of economic sentiment fell to 105.8 in July from 106.4 in June...
U.S. Consumer Confidence Improves to Highest Level Since October 2007
The Conference Board reported that their reading of consumer confidence improved 5.2% this month (12.2% y/y) to 90.9...
U.S. Gasoline Prices Return to March Low
The price for a gallon of regular gasoline declined another five cents last week to $3.54 (-2.9% y/y)...
U.S. Chain Store Sales Hold On To Earlier Gains
The International Council of Shopping Centers and Goldman Sachs reported that chain store sales nudged 0.2% higher last week...
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|