Global| Mar 02 2021U.S. Light Vehicle Sales Weaken in February
by:Tom Moeller
|in:Economy in Brief
Summary
• Sales of cars & light trucks ease. • Domestic passenger car sales fall sharply again. • Imports' share of vehicle market remains firm. Light vehicle sales faltered last month. The Autodata Corporation reported that sales of light [...]
• Sales of cars & light trucks ease.
• Domestic passenger car sales fall sharply again.
• Imports' share of vehicle market remains firm.
Light vehicle sales faltered last month. The Autodata Corporation reported that sales of light vehicles declined 5.6% during February (-6.7% y/y) to 15.88 million units (SAAR), the lowest level in six months.
Auto sales declined 8.2% (-20.9% y/y) last month to 3.56 million units, the lowest level since last July. Purchases of domestically-produced cars fell 11.3% (-27.0% y/y) to 2.35 million units, down for the third straight month. Sales of imported autos weakened 1.6% (-6.2% y/y) to 1.21 million, but have been trending steadily higher since the low last April.
Sales of light trucks were off 4.9% (-1.6% y/y) during February to 12.32 million units versus record sales of 12.95 million in January. Purchases of domestically-made light trucks weakened 4.1% (-1.9% y/y) to 9.74 million units following two months of moderate increase. Adding to the decline, sales of imported light trucks fell 7.5% (-0.4% y/y) to 2.58 million after reaching a record 2.79 million units in January.
Trucks' share of the light vehicle market improved to a record 77.6%.
Imports' share of the U.S. vehicle market held steady last month at 23.9%, up from 22.2% in January 2020 and a low of 19.9% during all of 2015. Imports' share of the passenger car market strengthened to 34.0% in February, the highest level since November 2010. Imports' share of the light truck market eased m/m to 20.9%, down from a high of 23.0% in November.
U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.
U.S. Economic Outlook and Monetary Policy: An Update from Fed Governor Lael Brainard can be found here.
| Light Weight Vehicle Sales (SAAR, Million Units) | Feb | Jan | Dec | Feb Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Total | 15.88 | 16.83 | 16.41 | -6.7 | 14.55 | 17.06 | 17.32 |
| Autos | 3.56 | 3.88 | 3.84 | -20.9 | 3.54 | 4.82 | 5.40 |
| Domestic | 2.35 | 2.65 | 2.70 | -27.0 | 2.53 | 3.53 | 4.05 |
| Imported | 1.21 | 1.23 | 1.14 | -6.2 | 1.01 | 1.29 | 1.36 |
| Light Trucks | 12.32 | 12.95 | 12.57 | -1.6 | 11.01 | 12.24 | 11.92 |
| Domestic | 9.74 | 10.16 | 9.90 | -1.9 | 8.62 | 9.70 | 9.44 |
| Imported | 2.58 | 2.79 | 2.67 | -0.4 | 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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