Global| Sep 08 2006August U.S. Vehicle Sales Reversed July's Gain
by:Tom Moeller
|in:Economy in Brief
Summary
US light vehicle sales last month reversed all of July's revised gain and fell 6.5% to 16.07M units, according to the Autodata Corporation. During the first eight months of this year vehicle sales averaged 16.63M, down 4.3% from the [...]
US light vehicle sales last month reversed all of July's revised gain and fell 6.5% to 16.07M units, according to the Autodata Corporation. During the first eight months of this year vehicle sales averaged 16.63M, down 4.3% from the first eight months of 2005.
Overall light truck sales dropped 6.6% last month. Higher gasoline prices have prompted the 9.7% decline in light truck sales year to date versus the first eight months of last year.
Sales of the relatively fuel efficient imported light trucks posted a large 11.6% (+4.2% y/y) decline last month but remained up 7.5% year to date. Domestic truck sales fell 5.7% and reversed a July gain (-9.9% y/y). During the first eight months of this year domestic light truck sales fell 12.2% from the first eight months of 2005 to an average of 7.47M.
Auto sales fell 6.4% (-0.7% y/y) in August and fully reversed the July increase. Domestic car sales fell 4.5% (-5.9% y/y) and year to date sales were down 0.5% versus last year. Sales of imported autos also reversed the July gain with a 10.1% (+11.8% y/y) but year to date are up 10.0%.
Imports garnered 23.5% of the US light vehicle market during August, down slightly from the July monthly record. Last year, imports' share of the U.S. vehicle market totaled 20.4%
Minutes of the Federal Reserve Board's discount rate meetings from July 17 through August 7, 2006 can be found here.
| Light Vehicle Sales (SAAR, Mil. Units) | August | July | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Total | 16.06 | 17.19 | -4.7% | 16.96 | 16.87 | 16.63 |
| Autos | 7.69 | 8.22 | -0.7% | 7.65 | 7.49 | 7.62 |
| Trucks | 8.37 | 8.96 | -8.1% | 9.32 | 9.37 | 9.01 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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