Global| Feb 03 2014U.S. Vehicle Sales Continue to Decline as Weather Turns Frigid
by:Tom Moeller
|in:Economy in Brief
Summary
Temperatures below zero in some parts of the U.S., and just unseasonably cold elsewhere in the country, took their toll on light vehicle sales last month. Unit motor vehicle sales slipped 1.0% to 15.24 million (SAAR, +0.1% y/y) during [...]
Temperatures below zero in some parts of the U.S., and just unseasonably cold elsewhere in the country, took their toll on light vehicle sales last month. Unit motor vehicle sales slipped 1.0% to 15.24 million (SAAR, +0.1% y/y) during January, according to the Autodata Corporation. Sales have fallen 7.1% from the recovery high of 16.41 million in November.
The decline in overall sales was a function of fewer auto purchases, off 4.6% to a 7.30 million annual rate (-6.0% y/y). Sales of imported autos declined 12.3% to 2.17 million (-2.8% y/y). Sales of domestics fell 2.4% to 5.12 million (-7.4% y/y).
Whatever strength there was in vehicle sales last month was in sales of light trucks, which improved 3.6% m/m to 7.95 million (6.4% y/y). Sales of domestic light trucks led the gain with a 5.4% rise to 7.00 million (7.9% y/y). Imported light truck sales declined 7.9% to 0.95 million (-3.3% y/y).
Imports share of the U.S. light vehicle market fell to 20.5% last month. Imports share of the U.S. car market declined to 29.8%. Imports share of the light truck market fell to 11.9%.
U.S. vehicle sales figures can be found in Haver's USECON database.
| Light Vehicle Sales (SAAR, Mil. Units) | Jan | Dec | Nov | Y/Y % | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Total | 15.24 | 15.40 | 16.41 | 0.1 | 15.55 | 14.49 | 12.78 |
| Autos | 7.30 | 7.73 | 8.14 | -6.0 | 7.77 | 7.42 | 6.23 |
| Domestic | 5.12 | 5.25 | 5.66 | -7.4 | 5.47 | 5.10 | 4.21 |
| Imported | 2.17 | 2.48 | 2.48 | -2.8 | 2.29 | 2.32 | 2.02 |
| Light Trucks | 7.95 | 7.67 | 8.27 | 6.4 | 7.79 | 7.08 | 6.55 |
| Domestic | 7.00 | 6.64 | 7.09 | 7.9 | 6.71 | 6.10 | 5.55 |
| Imported | 0.95 | 1.03 | 1.19 | -3.3 | 1.08 | 0.97 | 1.00 |
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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