- **New Zealand Chained GDP Changed to SNA 2008 with new 2010 Reference Year**
- **Norway GDP Changed to ESA 2010 with new 2012 Reference Year**
- Switzerland: Financial Accts **ESA 2010**, Intl Trade (Oct); Greece: BOP (Sep); Cyprus: Industrial Turnover (Aug)
- Euro area: Flash Consumer Confidence Indicator (Nov)
- Realtors Confidence Index Survey (Oct)
- US: Philadelphia FRB Business Outlook Survey (Nov)
- more updates...
Economy in Brief
U.S. Existing Home Sales Continue Improvement
Sales of existing single-family homes rose 1.5% to 5.260 million (AR, +2.5% y/y) in October from 5.180 million in September...
Philadelphia Fed Business Conditions Index Rebounds; Nears 1993 High
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index for November jumped to 40.8 from 20.7 in October...
U.S. Leading Economic Indicators Index Firms
The Index of Leading Economic Indicators from the Conference Board increased 0.9% last month (6.8% y/y) following a 0.7% September rise...
U.S. Initial Unemployment Insurance Claims are Little-Changed
Initial claims for jobless insurance during the week ended November 15 held fairly steady at 291,000...
EMU Flash PMIs Disappoint
The overall EMU private sector reading stands at 51.4 in November, down from 52.1 in October...
U.S. Housing Starts Weaken Overall; Building Permits Reach Six-Year High
Housing starts during October fell 2.8% (+7.7% y/y) to 1.009 million (AR) from 1.038 million in September...
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|