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Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Monetary Policy Blunder: Not Managing Economic & Financial Outcomes Equally
Monetary Policy at a Crossroad: Policymakers Need to Break Promise of Easy Money to Avoid Boom-Bust
State Coincident Indexes in January
Data Surprises, Markets and COVID
by Tom Moeller November 3, 2015
Total sales of light vehicles edged 0.4% higher during October to 18.24 million units (SAAR). The gain followed a total increase of 6.9% during the prior three months and left sales 10.0% higher than one year ago. Total unit sales were at the highest level since July 2005.
A 0.2% dip in light truck sales understates the dynamic behind last month's truck market -- a surge in imports and a decline in domestic sales. Imports' 1.9% gain to 1.62 million units was to a record high, with sales nearly 50% higher versus a year ago. The strength came at the expense of domestic truck sales which eased 3.0% but were still 14.8% higher than last year.
Passenger car sales increased 1.3% (0.4% y/y) after a 2.3% September rise. Sales were barely higher (0.4%) than one year ago. Imported car sales paced last month's increase with a 1.9% rise. The gain, however, did not make up September's loss and sales of imports remained 0.8% lower than last year. Sales of domestic passenger cars fared somewhat better and gained 1.0% after a 4.1% surge in the month prior. Here again, though, the y/y comparison is a less-than-inspiring 0.9%.
Imports share of the market for light vehicles rose m/m to 20.5%, still lower than a high of 30.7% in February 2009. Imports share of the light truck market jumped to 15.8%, its highest since March 2011. Imports share of the passenger car market was little changed m/m at 26.4%, remaining below the 34.8% peak during all of 2010.
U.S. vehicle sales figures are published by Autodata and can be found in Haver's USECON database.
Light Vehicle Sales (SAAR, Mil. Units) | Oct | Sep | Aug | Oct Y/Y % | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Total | 18.24 | 18.17 | 17.81 | 10.0 | 16.52 | 15.59 | 14.49 |
Autos | 8.01 | 7.91 | 7.73 | 0.4 | 7.92 | 7.77 | 7.42 |
Domestic | 5.89 | 5.83 | 5.60 | 0.9 | 5.68 | 5.48 | 5.10 |
Imported | 2.12 | 2.08 | 2.13 | -0.8 | 2.24 | 2.30 | 2.32 |
Light Trucks | 10.23 | 10.26 | 10.08 | 18.9 | 8.60 | 7.82 | 7.08 |
Domestic | 8.61 | 8.88 | 8.54 | 14.8 | 7.51 | 6.74 | 6.10 |
Imported | 1.62 | 1.37 | 1.54 | 46.7 | 1.09 | 1.08 | 0.97 |