Global| Apr 01 2015U.S. Light Vehicle Sales Recover After Three Months of Decline
by:Tom Moeller
|in:Economy in Brief
Summary
Consumers renewed their car-buying interest last month. Sales of light vehicles increased 5.6% (4.0% y/y) during March to 17.15 million units (AR) versus 16.23 million in February. The latest level was the highest since November. [...]
Consumers renewed their car-buying interest last month. Sales of light vehicles increased 5.6% (4.0% y/y) during March to 17.15 million units (AR) versus 16.23 million in February. The latest level was the highest since November.
Interest in buying light trucks remains strong with lower gasoline prices. At 55.1%, light trucks share of total vehicle sales was close to the highest level since July 2005. During March, light truck sales increased 4.9% (8.8% y/y) to 9.44 million units. Domestic light truck sales increased 4.1% to 8.24 million (8.8% y/y), bringing them to the highest point since July 2005. Imported truck sales jumped 10.3% to 1.20 million (8.8% y/y), the highest level since July.
Auto sales increased 6.6% last month to 7.70 million but they remained down 1.3% y/y. Imported car sales jumped 11.8% to 2.26 million (-2.4% y/y). Domestic auto sales improved 4.5% to 5.45 million (-0.9% y/y).
Imports share of the market for light vehicles improved m/m to 20.2%, the highest point in nine months. It still was down versus a high of 30.7% in February 2009. Imports share of the passenger car market surged to 29.3%, the highest level since May. Imports share of the light truck market improved modestly to 12.7%, but remained down from a high of 23.8% early in 2009.
U.S. vehicle sales figures are published by Autodata and can be found in Haver's USECON database.
| Light Vehicle Sales (SAAR, Mil. Units) | Mar | Feb | Jan | Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 17.15 | 16.23 | 16.66 | 4.0 | 16.49 | 15.58 | 14.48 |
| Autos | 7.70 | 7.23 | 7.54 | -1.3 | 7.91 | 7.78 | 7.42 |
| Domestic | 5.45 | 5.21 | 5.47 | -0.9 | 5.68 | 5.48 | 5.10 |
| Imported | 2.26 | 2.02 | 2.07 | -2.4 | 2.23 | 2.30 | 2.32 |
| Light Trucks | 9.44 | 9.01 | 9.12 | 8.8 | 8.58 | 7.81 | 7.06 |
| Domestic | 8.24 | 7.92 | 8.07 | 8.8 | 7.50 | 6.73 | 6.09 |
| Imported | 1.20 | 1.09 | 1.04 | 8.8 | 1.08 | 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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