Global| Jan 05 2021U.S. Light Vehicle Sales Strengthen During December
by:Tom Moeller
|in:Economy in Brief
Summary
• Sales of light trucks recover following two months of decline. • Passenger car sales continue to slip. • Imports' share of vehicle market backpedals. Light vehicle buyers returned to the market last month following two months of [...]
• Sales of light trucks recover following two months of decline.
• Passenger car sales continue to slip.
• Imports' share of vehicle market backpedals.
Light vehicle buyers returned to the market last month following two months of decline. The Autodata Corporation reported that sales of light vehicles improved 3.1% during December (-4.3% y/y) to 16.38 million units (SAAR) and reversed virtually all of the decline during November to 15.89 million units. During all of 2020, light vehicle sales declined 14.8% to 14.54 million units, the lowest level since 2012.
Sales of light trucks increased 4.8% (1.5% y/y) during December to 12.53 million units. Purchases of domestically-made light trucks increased 7.3% (1.3% y/y) to 9.89 million units following two months of decline. Offsetting this rise was a 4.0% decline (+1.5% y/y) in imported light truck sales to 2.63 million units after rising 2.2% during November.
Trucks' share of the light vehicle market improved to 76.5% but still was below the 77.5% peak during May.
Auto sales fell 2.0% (-19.1% y/y) last month to 3.85 million units and were below the 2014 peak of 7.71 million unit. Purchases of domestically-produced cars fell 4.6% (-23.5% y/y) to 2.70 million units. Offsetting this decline, sales of imported cars strengthened 4.5% (-5.7% y/y) to 1.15 million, the highest level since February.
Imports' share of the U.S. vehicle market eased last month to 23.1%, reversing the improvement since August. Imports' share of the passenger car market increased to 29.9%, the highest level since June. Imports' share of the light truck market fell to 21.0% but 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.
The New Monetary Policy Framework and Some Implications for Financial Stability from Charles L. Evans, President, Federal Reserve Bank of Chicago can be found here.
| Light Weight Vehicle Sales (SAAR, Million Units) | Dec | Nov | Oct | Dec Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Total | 16.38 | 15.89 | 16.40 | -4.3 | 14.54 | 17.06 | 17.32 |
| Autos | 3.85 | 3.93 | 3.94 | -19.1 | 3.54 | 4.82 | 5.40 |
| Domestic | 2.70 | 2.83 | 2.83 | -23.5 | 2.53 | 3.53 | 4.05 |
| Imported | 1.15 | 1.10 | 1.11 | -5.7 | 1.01 | 1.29 | 1.36 |
| Light Trucks | 12.53 | 11.96 | 12.46 | 1.5 | 11.01 | 12.24 | 11.92 |
| Domestic | 9.89 | 9.22 | 9.78 | 1.3 | 8.62 | 9.70 | 9.44 |
| Imported | 2.63 | 2.74 | 2.68 | 1.5 | 2.39 | 2.54 | 2.48 |
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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