- Japan: **GDP reclassified to SNA 2008**
- US: Quarterly Services Survey (Q3)
- Canada: Building Permits, New Housing Prices (Oct), Housing Starts (Nov)
- Russia: CPI (Nov); Hungary: CPI, Fuel Prices (Nov), Foreign Trade (Oct); Croatia: Foreign Trade (Sep), PPI (Nov); Bulgaria: Industrial Turnover (Oct); Lithuania: CPI (Nov); Latvia: CPI (Nov); Poland: Supervisory Liqudity Measures (Oct); Bosnia: Monetary Agg, Dep & Loans, Fgn Reserves, Bal Sheet (Oct); Ukraine: CPI (Nov), PPI (Nov), Industrial
- more updates...
Economy in Brief
U.S. Mortgage Loan Applications Ease as Rates Rise Further
The MBA total Mortgage Market Volume Index declined 0.7% last week (-2.4% y/y)...
U.S. Consumer Credit Usage Slackens
Consumer credit outstanding increased $16.0 during October (6.6% y/y)...
German IP Rises - A Mixed to Weak View from the Rest of Europe
Germany's industrial production has come through another period of relative turbulence...
U.S. Trade Deficit Deepens as Imports Surge
The U.S. trade deficit in goods and services increased to $42.6 billion during October from $36.2 billion in September...
U.S. Energy Product Prices Strengthen
Regular gasoline prices increased to $2.21 per gallon (7.5% y/y) last week...
U.S. Productivity Rose 3.1% in Q3
Growth in nonfarm output per hour during Q3'16 was unrevised at 3.1% (SAAR, 0.0% y/y)...
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|