Global| Sep 05 2017U.S. Light Vehicle Sales Fall Sharply
by:Tom Moeller
|in:Economy in Brief
Summary
The market for new motor vehicles has deteriorated markedly this year. Total sales of light vehicles declined 3.7% during August (-6.3% y/y) to 16.14 million units (SAAR) from 16.77 million in July, according to the Autodata [...]
The market for new motor vehicles has deteriorated markedly this year. Total sales of light vehicles declined 3.7% during August (-6.3% y/y) to 16.14 million units (SAAR) from 16.77 million in July, according to the Autodata Corporation. It was the lowest level of sales since February 2014, off 11.1% from this past December's peak.
The passenger car market has been the weakest motor vehicle sector, off 27.8% since the August 2014 peak. Sales fell 2.9% last month (-12.0% y/y) to 6.03 million units. Domestically-produced passenger car sales declined 3.5% last month (-12.3% y/y) to 4.36 million units. Sales of imported passenger cars eased 1.5% (-11.5% y/y) to 1.67 million units.
Light truck sales have been comparatively firm this cycle. Though they fell 4.2% last month (-2.5% y/y) to 10.11 million, sales have fallen a lesser 8.5% since the peak last December. Sales of domestically-made light trucks fell 4.1% (-3.9% y/y) to 8.32 million units during August. Imported light truck sales decreased 4.7% (+5.0% y/y) to 1.79 million units.
Trucks' share of the U.S. vehicle market eased m/m to 62.6%, down from December's high of 64.2%.
Imports share of the U.S. vehicle market was fairly steady m/m at 21.4%. Imports share of the passenger car market nudged higher to 27.7%. Imports share of the light truck market eased to 17.7%, still higher than the 12.7% share during all of 2014.
U.S. vehicle sales figures are published by the Autodata Corporation and can be found in Haver's USECON database.
| Light Weight Vehicle Sales (SAAR, Million Units) | Aug | Jul | Jun | Aug Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 16.14 | 16.77 | 16.70 | -6.3 | 17.55 | 17.42 | 16.52 |
| Autos | 6.03 | 6.21 | 5.98 | -12.0 | 7.10 | 7.73 | 7.92 |
| Domestic | 4.36 | 4.51 | 4.33 | -12.3 | 5.20 | 5.63 | 5.68 |
| Imported | 1.67 | 1.70 | 1.65 | -11.5 | 1.90 | 2.10 | 2.24 |
| Light Trucks | 10.11 | 10.55 | 10.72 | -2.5 | 10.44 | 9.74 | 8.60 |
| Domestic | 8.32 | 8.68 | 8.90 | -3.9 | 8.75 | 8.37 | 7.51 |
| Imported | 1.79 | 1.88 | 1.82 | 5.0 | 1.69 | 1.38 | 1.09 |
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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