Global| Oct 01 2015U.S. Light Vehicle Sales Continue to Improve
by:Tom Moeller
|in:Economy in Brief
Summary
Strength in employment and income combined with minimal pricing power continues to generate buying at new car & truck dealerships. Total sales of light vehicles increased 2.0% during September to 18.17 million units (SAAR). Sales were [...]
Strength in employment and income combined with minimal pricing power continues to generate buying at new car & truck dealerships. Total sales of light vehicles increased 2.0% during September to 18.17 million units (SAAR). Sales were 9.9% higher than one year ago and remained at the highest level since July 2005.
As gasoline prices remain roughly one-third below their 2012 high, purchases of light trucks have been particularly strong, rising 2.0% versus August to 10.26 million units. The 17.4% rise during the last twelve months left light trucks share of the total vehicle market at 56.5%, up from an August 2009 low of 42.8%. Domestic light truck sales increased 4.1% last month to 8.88 million units, up 17.0% y/y. Imported truck sales, however, declined 10.9% versus August to 1.37 million units (+19.8% y/y).
Auto sales gained 2.3% in September to 7.91 million units, up 1.6% y/y, following a 0.9% decline during August. Domestic auto sales increased 4.1% to 5.83 million (3.4% y/y) but they remained below last year's highs. Imported car sales fell 2.4% to 2.08 million and were down 3.2% y/y.
Imports share of the market for light vehicles fell m/m to 19.0%, still lower than a high of 30.7% in February 2009. Imports share of the passenger car market decreased m/m to 26.3%, remaining below the 34.8% peak during all of 2010. Imports share of the light truck market fell to 13.4%.
U.S. vehicle sales figures are published by Autodata and can be found in Haver's USECON database.
| Light Vehicle Sales (SAAR, Mil. Units) | Sep | Aug | Jul | Sep Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 18.17 | 17.81 | 17.55 | 9.9 | 16.52 | 15.59 | 14.49 |
| Autos | 7.91 | 7.73 | 7.80 | 1.6 | 7.92 | 7.77 | 7.42 |
| Domestic | 5.83 | 5.60 | 5.81 | 3.4 | 5.68 | 5.48 | 5.10 |
| Imported | 2.08 | 2.13 | 2.00 | -3.2 | 2.24 | 2.30 | 2.32 |
| Light Trucks | 10.26 | 10.08 | 9.75 | 17.4 | 8.60 | 7.82 | 7.08 |
| Domestic | 8.88 | 8.54 | 8.39 | 17.0 | 7.51 | 6.74 | 6.10 |
| Imported | 1.37 | 1.54 | 1.36 | 19.8 | 1.09 | 1.08 | 0.97 |
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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