- Australia: HIA New Home Sales (May)
- Korea: Economic Sentiment Index, Business Survey Index (Jun)
- Japan: International Trade (May), Banking Accounts Regional Banks (May), Wholesale and Retail Trade (May-Prelim), First 10 Days Trade (Jun),
- Ireland: Corporate Insolvencies (2015)
- US: Consumer Confidence (Jun), S&P/Case-Shiller Home Price Indexes (Apr), GDP & Corporate Profits (Q1-3rd Estimate)
- more updates...
Economy in Brief
U.S. GDP Growth and Corporate Profits Revised Higher
Economic growth during the first quarter was revised up slightly...
U.S. Petroleum Prices Decline; Natural Gas Jumps Higher
Regular gasoline prices declined to $2.33 per gallon last week (-16.9% y/y)...
Italian Consumer Confidence Makes Clear U-Turn
Italy's drop in consumer confidence is not about Brexit; it's about Italy...
Euro Area: Pre-Brexit Snap Shot of Financial Conditions
Brexit came as a shock and now we must monitor all relevant trends to see what will be affected in the post-Brexit period...
Dallas Fed Factory Sector Activity Index Remains Depressed
The Federal Reserve Bank of Dallas reported that its general activity index of factory sector activity remained negative during June...
U.S. Durable Goods Orders Decline Paced by Military Aircraft
New orders for durable goods declined 2.2% during May (+3.2% y/y) following a 3.3% April increase...
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|