Global| Sep 02 2010U.S. August Vehicle Sales Slip M/M But Slide Y/Y
by:Tom Moeller
|in:Economy in Brief
Summary
Unit sales of light vehicles showed no forward m/m momentum in August and fell sharply with the comparison to last year's Cash-For-Clunkers sales program. Sales slipped 0.6% to 11.47M units (SAAR) following July's 3.3% rise. (Past [...]
Unit sales of light vehicles showed no forward m/m momentum in August and fell sharply with the comparison to last year's Cash-For-Clunkers sales program. Sales slipped 0.6% to 11.47M units (SAAR) following July's 3.3% rise. (Past sales were revised due to new seasonal factors.) Sales were notably weak, off 19.0%, versus last year when they were boosted by the sales promotion. August sales matched Consensus expectations and remained up by nearly one-third from the recession low in February '09. (Seasonal adjustment of these figures is provided by the U.S. Bureau of Economic Analysis).
Higher gasoline prices, up nearly two-thirds from the December 2008 low, continue to encourage sales of fuel efficient vehicles. Imported light vehicle sales were strong and posted an 8.8% m/m gain to 3.14M. Sales of imported autos rose 11.1% m/m to 2.15M, their highest since last September.. Light truck sales rose a lesser 4.0% to 0.99M. Sales of domestically produced vehicles reversed July's gain and fell 3.8% to 8.33M. Sales of fuel efficient cars fell 4.5% to 3.53M while light truck sales fell 3.2% to 4.79M.
Overall, import's share of the U.S. light vehicle market surged to 27.4%, the highest since September of last year, but it was still below the high of 30.5% in February '09. (Imported vehicles are those produced outside the United States.) Imports' share of the U.S. car market rose m/m to 37.9%. That was above the 34.7% for all of 2009 and the highest since January of last year. Imports' share of the light truck market rose m/m to 17.1% but remained below the 19.7% during all of last year.
The U.S. vehicle sales figures can be found in Haver's USECON database.
| Light Vehicle Sales (SAAR, Mil. Units) | August | July | June | August Y/Y | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Total | 11.47 | 11.54 | 11.17 | -19.0% | 10.38 | 13.22 | 16.16 |
| Autos | 5.68 | 5.63 | 5.52 | -29.2 | 5.45 | 6.76 | 7.58 |
| Domestic | 3.53 | 3.70 | 3.63 | -33.1 | 3.56 | 4.44 | 5.06 |
| Imported | 2.15 | 1.94 | 1.89 | -21.9 | 1.89 | 2.32 | 2.52 |
| Light Trucks | 5.79 | 5.91 | 5.57 | -5.6 | 4.93 | 6.46 | 8.60 |
| Domestic | 4.79 | 4.95 | 4.73 | -0.1 | 3.96 | 5.28 | 7.10 |
| Imported | 0.99 | 0.95 | 0.92 | -25.4 | 0.96 | 1.18 | 1.47 |
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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