Global| Oct 04 2006Lower Gasoline Prices Fueled U.S. Vehicle (Truck) Sales
by:Tom Moeller
|in:Economy in Brief
Summary
U.S. sales of light vehicles in September rose 3.5% to 16.63M units, according to the Autodata Corporation. The gain recovered a piece of the prior month's 6.5% decline and during the first nine months of 2006 vehicle sales averaged [...]
U.S. sales of light vehicles in September rose 3.5% to 16.63M units, according to the Autodata Corporation. The gain recovered a piece of the prior month's 6.5% decline and during the first nine months of 2006 vehicle sales averaged 16.63M, down 3.8% from the comparable period during.
A forty cent m/m decline in retail gasoline prices to an average $2.56 per gallon helped lift overall light truck sales 7.5% last month after a 6.6% decline during August. Nevertheless, higher gasoline prices versus last year have prompted an 8.3% decline in light truck sales year to date versus the first nine months of last year.
Sales of the relatively fuel efficient imported light trucks surged a strong 14.4% last month (29.8% y/y) and advanced 9.8% year to date. Domestic truck sales also rose 6.3% (1.0% y/y) during September, however, during the first nine months of this year domestic light truck sales fell 10.8% from the first nine months of 2005 to an average of 7.48M.
Auto sales slipped 0.8% last month after a 6.4% decline during August. Sales of imported autos fell 5.0% (+3.4% y/y) after a 10.1% August decline. Still, year to date sales of imported autos were up 9.2% versus 2005. Domestic car sales rose 1.2% (-6.6% y/y) after a 4.5% August decline. Year to date sales of domestic autos were down 1.2% versus last year.
Imports' share of the US light vehicle market fell m/m to 23.0% during September. Last year, imports' share of the U.S. vehicle market totaled 20.4%
Inflation Targets and Inflation Expectations: Some Evidence from the Recent Oil Shocks from the Federal Reserve Bank of San Francisco can be found here
| Light Vehicle Sales (SAAR, Mil. Units) | September | August | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Total | 16.63 | 16.06 | 0.7% | 16.96 | 16.87 | 16.63 |
| Autos | 7.63 | 7.69 | -3.6% | 7.65 | 7.49 | 7.62 |
| Trucks | 9.00 | 8.37 | 4.6% | 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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