- Mongolia: BOP (Jul); Vietnam: FDI by Industry (Aug)
- Japan: Input Output Prices (Jul)
- Algeria: CPI (Jul); Palestine: Depository Corporations Survey (Jul); Palestine: Balance Sheet of Central Bank (Jul); Bahrain: FSI (Q1)
- Canada: Government Finance (Jun)
- US: Consumer Sentiment (Aug-fin), GDP & Corporate Profits (Q2-2nd),
- more updates...
Economy in Brief
Euro Area Money and Credit Policy: A Total Bust
Despite best efforts to boost growth inflation money and credit, the ECB's `whatever it takes' kitchen sink policies are not getting traction...
U.S. Durable Goods Orders Increase Is Broad-Based
New orders for durable goods rose 4.4% during July (-3.3% y/y) following a 4.2% June decline...
U.S. Initial Unemployment Insurance Applications Decline
Initial claims for unemployment insurance eased to 261,000 (-4.0% y/y) during the week ended August 20...
German IFO Survey Fades
All components of the IFO index except construction demonstrated a significant monthly fade in August...
U.S. Existing Home Sales and Prices Weaken Unexpectedly
Sales of existing homes declined 3.2% (-1.6% y/y) during July to 5.390 million units (AR)...
U.S. FHFA House Price Index Loses Momentum
The FHFA index of U.S. house prices rose a modest 0.2% in June for the third consecutive month...
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|