- UK: GFK Consumer Confidence (Dec)
- New Zealand: Job Advertisements, External Migration (Nov), Business Outlook Survey (Dec)
- **Turkey IIP moved to BPM6**
- Turkey: Weighted Average Interest Rates for Deposits (Oct)
- US: Composite Indexes (Nov)
- US: Covered Employment and Wages (Q2)
- US: Philadelphia FRB Business Outlook Survey (Dec)
- more updates...
Economy in Brief
U.S. Initial Unemployment Insurance Claims Edge Down
Initial claims for unemployment insurance during the week ended December 13 fell to 289,000 (-21.5% y/y)...
Philadelphia Fed Business Conditions Index Indicates Moderating Growth
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index for December declined to 24.5...
German Ifo Bounces in December
The climate, current and expectations indices bounced higher in December from a local low in November...
FOMC Indicates Patience Toward Raising Rates
The Fed indicated, "Based on its current assessment (of the economy), the Committee judges that it can be patient in beginning to normalize the stance of monetary policy."...
U.S. Consumer Prices Post Largest Decline Since 2008; Core Prices Moderate
Inflationary pressures remain well contained...
U.S. Current Account Deficit Deepens Slightly
The U.S. current account deficit deepened in Q3'14 to $100.3 billion from $98.4 billion in Q2...
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|