Global| Nov 03 2020U.S. Light Vehicle Sales Ease During October
by:Tom Moeller
|in:Economy in Brief
Summary
• Sales slip from seven-month high in September. • Light truck sales ease as car sales improve. Vehicle buyers pared back spending last month. The Autodata Corporation reported that sales of light vehicles eased 0.6% during October [...]
• Sales slip from seven-month high in September.
• Light truck sales ease as car sales improve.
Vehicle buyers pared back spending last month. The Autodata Corporation reported that sales of light vehicles eased 0.6% during October (-2.7% y/y) to 16.41 million units (SAAR) from 16.51 million in September, revised from 16.36 million. October sales remained near the highest level since February, up 87.8% from the April low of 8.74 million units.
Sales of light trucks fell 1.2% (+0.9% y/y) during October to 12.48 million units, still nearly the highest level since February. Purchases of domestically-made light trucks eased 1.5% (-0.1% y/y) to 9.78 million units after five months of strong gain. Sales of imported light trucks held steady last month (4.7% y/y) at an upwardly revised 2.70 million units in September, after a 12.0% increase during August.
Trucks' share of the U.S. light vehicle market eased to 76.1%, down from the 77.5% peak during May.
Auto sales increased 1.0% (-12.5% y/y) last month to 3.93 million units, well below their peak level of 7.71 million unit sales reached in 2014. Purchases of domestically-produced cars rose 2.2% (-11.6% y/y) to 2.83 million units, the highest level since February and up 92.5% from the April low. Sales of imported cars fell 0.9% last month (-14.7% y/y) to 1.10 million units after rising 12.1% during September.
Imports' share of the U.S. vehicle market rose slightly last month to 23.2% and has been trending higher since 19.9% during all of 2015. Imports' share of the passenger car market eased to 28.0% from 28.5%. Imports share of the light truck market improved to 21.6% and has been trending up from 14.7% in 2014.
U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.
| Light Weight Vehicle Sales (SAAR, Million Units) | Oct | Sep | Aug | Oct Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Total | 16.41 | 16.51 | 15.22 | -2.7 | 17.06 | 17.32 | 17.23 |
| Autos | 3.93 | 3.89 | 3.62 | -12.5 | 4.82 | 5.40 | 6.17 |
| Domestic | 2.83 | 2.77 | 2.63 | -11.6 | 3.53 | 4.05 | 4.58 |
| Imported | 1.10 | 1.11 | 0.99 | -14.7 | 1.29 | 1.36 | 1.59 |
| Light Trucks | 12.48 | 12.63 | 11.60 | 0.9 | 12.24 | 11.92 | 11.07 |
| mjk Domestic | 9.78 | 9.93 | 9.19 | -0.1 | 9.70 | 9.44 | 9.00 |
| Imported | 2.70 | 2.70 | 2.41 | 4.7 | 2.54 | 2.48 | 2.07 |
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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