- Canada: Retail Trade (Jun), CPI (Jul)
- Mexico: Semimonthly CPI, National Employment Survey (Jul)
- Croatia: Earnings (Jun), Unemployment Rate (Jul); Albania: Domestic Debt, Banking System Liabilities (Q2); Montenegro: Wages (Jul); Hungary: Wages (Jun), Balance Sheet of Insurance Companies (Q2)
- Ireland: WPI, PPI (Jul)
- Morocco: CPI (Jul)
- Spain: Construction Permits (Jun), Tourism (Jul)
- more updates...
Economy in Brief
Canada's Retail Sales Surge
Canada's retail sales are hopping...
U.S. Existing Home Sales Increase to Ten-Month High
Sales of existing single-family homes strengthened 2.4% to 5.150 million (AR) during July from 5.030 million in June...
U.S. LEI Begins to Accelerate
The index of leading economic indicators is beginning to accelerate...
Philadelphia Fed Business Conditions Index Improves; Expectations Surge
The Philadelphia Fed reported that its General Business Conditions Index for August jumped to 28.0 from 23.9 in July...
U.S. Initial Claims for Unemployment Insurance Slip
Initial claims for jobless insurance during the week ended August 16 eased to 298,000 from 312,000 in the prior week...
EMU PMIs Wither Again in August- It Isn't the Heat
The flash PMI for the European Monetary Union in August slipped once again to 52.8 from 54.0 in 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|