Global| Feb 04 2009January U.S. Light Vehicle Sales Lowest Since 1982
by:Tom Moeller
|in:Economy in Brief
Summary
Consumers' aversion to purchasing autos continued last month. U.S. sales of light vehicles fell a surprising 7.1% m/m to 9.57M (SAAR) from 10.31M during December. Sales of 10.2M had been expected for January. The latest figure was the [...]
Consumers' aversion to purchasing autos continued last month. U.S. sales of light vehicles fell a surprising 7.1% m/m to 9.57M (SAAR) from 10.31M during December. Sales of 10.2M had been expected for January. The latest figure was the lowest since 1982 according to the Autodata Corporation and Ward's Automotive News. (Seasonal adjustment of the figures is provided by the U.S. Bureau of Economic Analysis). The decline pulled the comparison versus a year ago to -37.7% which was its worst since the data became available in the late 1960s.
Sales of domestically-made light vehicles were particularly hard hit as they posted a 12.2% decline from December to 6.75M units. The level is now 42.4% below that in January 2008. Sales of domestically made autos fell a hard 20.8% m/m, enough to pull the comparison versus a year earlier to -43.7%. Light truck sales fell 4.6% for the month (-41.4% y/y).
Higher truck sales pulled import's share of the U.S. light vehicle market to a record 29.5%, up three percentage points from the 2008 average. (Imported vehicles are those produced outside the U.S. and do not include vehicles with the nameplate of a foreign manufacturer produced within the U.S.)
| Light Vehicle Sales (SAAR, Mil. Units) | January | December | Jan. / Jan. | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|
| Total | 9.57 | 10.31 | -37.7% | 13.17 | 16.16 | 16.54 |
| Autos | 4.60 | 5.21 | -37.2 | 6.71 | 7.58 | 7.77 |
| Domestic | 2.84 | 3.59 | -43.7 | 4.42 | 5.07 | 5.31 |
| Imported | 1.76 | 1.62 | -23.0 | 2.29 | 2.52 | 2.45 |
| Light Trucks | 4.97 | 5.10 | -38.2 | 6.47 | 8.60 | 8.78 |
| Domestic | 3.91 | 4.10 | -41.4 | 5.29 | 7.10 | 7.42 |
| Imported | 1.06 | 1.00 | -22.6 | 1.18 | 1.47 | 1.37 |
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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