- US: New Residential Sales (Apr & Revisions), Consumer Confidence (May), Case Shiller HPI (Mar), FHFA HPI (Q1), Advance Durable Goods (Apr)
- US: Richmond Fed Mfg & Svc Sector, Phil Fed NonMfg Business (May)
- US: Steel Imports for Consumption (Apr, Prelim)
- US: Consumer Confidence Detail (May)
- Composite Survey - United States (Flash - May), Services Survey United States (Flash - May)
- US: Case Shiller HPI (Mar), House Price Indexes by State, Region and
- more updates...
Economy in Brief
Texas Factory Sector Activity Softens
The Federal Reserve Bank of Dallas indicated that Texas business conditions eased sharply this month...
U.S. FHFA Home Price Increase Eases
The FHFA U.S. House Price Index increased 0.3% during March (5.2% y/y) following a 0.6% February rise...
U.S. Consumer Confidence Remains Sluggish
The Conference Board's Consumer Confidence Index increased 1.2% in May to 95.4 (+16.1% y/y) after falling to 94.3 during April...
U.S. Durable Goods Orders Back Off
New orders for durable goods dipped 0.5% during April following a revised 5.1% March jump...
U.K. Distributive Trades Survey Shows Growth
On the whole the U.K. retail and wholesaling sectors are doing alright in Q2, but something is missing...
U.S. CPI Increase Restrained By Lower Energy Prices; Core Heats Up
The consumer price index notched 0.1% higher during April (-0.2% y/y) following unrevised 0.2% increases in the prior two months...
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|