Global| Jun 03 2019U.S. Light Vehicle Sales Rebound
by:Tom Moeller
|in:Economy in Brief
Summary
The Autodata Corporation reported that sales of light vehicles during May increased 6.2% (1.2% y/y) to 17.40 million units (SAAR) and reversed April's 6.1% decline. Sales have been moving sideways since the middle of last year. [...]
The Autodata Corporation reported that sales of light vehicles during May increased 6.2% (1.2% y/y) to 17.40 million units (SAAR) and reversed April's 6.1% decline. Sales have been moving sideways since the middle of last year. Nevertheless, motor vehicles & parts contribution to real GDP growth was -0.42 percentage points during Q1'19.
Light-truck sales increased 8.0% (6.7% y/y) last month to a 12.38 million unit rate and reversed the 6.5% April decline. They have remained in an upward trend since the recession's end. Purchases of domestically-made light trucks rose 9.6% (7.8% y/y) to 9.97 million units. The gain fully reversed the prior month's decline. Sales of imported light trucks rose 2.1% (2.4% y/y) to a 2.41 million sales rate after a 2.9% decline. These sales have roughly tripled during the last ten years.
Auto sales improved 1.6% (-10.2% y/y) to a 5.02 million annual unit pace following a 4.8% April decline. Car sales nevertheless have remained in a downtrend since 2014. Purchases of domestically-produced cars were little changed (-12.1% y/y) at 3.51 million units after falling 7.1% in April. Sales of imported cars improved 7.1% (-5.5% y/y), up for the third straight month, to 1.51 million units.
Trucks' share of the U.S. vehicle market rose to a record high of 71.1%. The share rose from 68.2% last year and a low of 47.3% in 2009.
Imports share of the U.S. vehicle market eased last month to 22.5% but has been trending upward since 2015. Imports' share of the passenger car market surged to 30.1%, nearly a six-year high. Imports share of the light truck market eased to 19.5%., but remained up from the 11.8% low in April 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) | May | Apr | Mar | May Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 17.40 | 16.39 | 17.45 | 1.2 | 17.21 | 17.23 | 17.55 |
| Autos | 5.02 | 4.94 | 5.19 | -10.2 | 5.48 | 6.33 | 7.10 |
| Domestic | 3.51 | 3.53 | 3.80 | -12.1 | 3.99 | 4.58 | 5.20 |
| Imported | 1.51 | 1.41 | 1.39 | -5.5 | 1.49 | 1.75 | 1.90 |
| Light Trucks | 12.38 | 11.46 | 12.26 | 6.7 | 11.74 | 10.90 | 10.44 |
| Domestic | 9.97 | 9.10 | 9.83 | 7.8 | 9.42 | 9.00 | 8.75 |
| Imported | 2.41 | 2.36 | 2.43 | 2.4 | 2.32 | 1.90 | 1.69 |
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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