Global| Nov 03 2015U.S. Light Vehicle Sales Maintain 15-Year High; Imported Truck Sales Surge
by:Tom Moeller
|in:Economy in Brief
Summary
Total sales of light vehicles edged 0.4% higher during October to 18.24 million units (SAAR). The gain followed a total increase of 6.9% during the prior three months and left sales 10.0% higher than one year ago. Total unit sales [...]
Total sales of light vehicles edged 0.4% higher during October to 18.24 million units (SAAR). The gain followed a total increase of 6.9% during the prior three months and left sales 10.0% higher than one year ago. Total unit sales were at the highest level since July 2005.
A 0.2% dip in light truck sales understates the dynamic behind last month's truck market -- a surge in imports and a decline in domestic sales. Imports' 1.9% gain to 1.62 million units was to a record high, with sales nearly 50% higher versus a year ago. The strength came at the expense of domestic truck sales which eased 3.0% but were still 14.8% higher than last year.
Passenger car sales increased 1.3% (0.4% y/y) after a 2.3% September rise. Sales were barely higher (0.4%) than one year ago. Imported car sales paced last month's increase with a 1.9% rise. The gain, however, did not make up September's loss and sales of imports remained 0.8% lower than last year. Sales of domestic passenger cars fared somewhat better and gained 1.0% after a 4.1% surge in the month prior. Here again, though, the y/y comparison is a less-than-inspiring 0.9%.
Imports share of the market for light vehicles rose m/m to 20.5%, still lower than a high of 30.7% in February 2009. Imports share of the light truck market jumped to 15.8%, its highest since March 2011. Imports share of the passenger car market was little changed m/m at 26.4%, remaining below the 34.8% peak during all of 2010.
U.S. vehicle sales figures are published by Autodata and can be found in Haver's USECON database.
| Light Vehicle Sales (SAAR, Mil. Units) | Oct | Sep | Aug | Oct Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 18.24 | 18.17 | 17.81 | 10.0 | 16.52 | 15.59 | 14.49 |
| Autos | 8.01 | 7.91 | 7.73 | 0.4 | 7.92 | 7.77 | 7.42 |
| Domestic | 5.89 | 5.83 | 5.60 | 0.9 | 5.68 | 5.48 | 5.10 |
| Imported | 2.12 | 2.08 | 2.13 | -0.8 | 2.24 | 2.30 | 2.32 |
| Light Trucks | 10.23 | 10.26 | 10.08 | 18.9 | 8.60 | 7.82 | 7.08 |
| Domestic | 8.61 | 8.88 | 8.54 | 14.8 | 7.51 | 6.74 | 6.10 |
| Imported | 1.62 | 1.37 | 1.54 | 46.7 | 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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