- Korea: Trade Indexes (Sep)
- Markit PMI: Manufacturing Survey - Japan, China (Flash-Oct)
- New Zealand: CPI (Q3); Australia: NAB Business Survey (Q3)
- US: Consumer Prices (Sep)
- US: Consumer Price Detail (Sep)
- Canada: Retail Trade (Aug)
- Brazil: Survey of Services (Aug)
- UK: Agents' Summary of Business Conditions (Sep)
- more updates...
Economy in Brief
U.S. Mortgage Loan Applications To Refinance Jump
With Lower Interest Rates
The Mortgage Bankers Association reported that their total Mortgage Market Volume Index surged 11.6% last week...
Japanese Trade Trends Still Feature Deficits
Japan's trade position remained in substantial deficit in September...
U.S. Existing Home Sales Improve As Prices Fall Sharply
Sales of existing single-family homes rose 2.4% to 5.170 million...
U.S. Chain Store Sales Fall Hard
The International Council of Shopping Centers and Goldman Sachs reported that chain store sales declined 0.3% last week...
U.S. Gasoline Prices Reach 2011 Low
The cost of a gallon of regular gasoline continued to fall sharply last week...
Japan's All Industry Index Erodes
Japan's economy continues to be weak...
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|