Global| Apr 03 2012U.S. Vehicle Sales Dip But Remain Firm
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of light motor vehicles dipped m/m during March but remained near the four-year high. Unit vehicle sales fell 4.8% m/m to 14.37M (AR) during March according to Autodata Corporation. That sales rate was up 10.0% versus one year [...]
Sales of light motor vehicles dipped m/m during March but remained near the four-year high. Unit vehicle sales fell 4.8% m/m to 14.37M (AR) during March according to Autodata Corporation. That sales rate was up 10.0% versus one year earlier and remained nearly the highest since March 2008. It roughly matched the Consensus estimate for 14.3M sales, according to Bloomberg.
Auto sales fell 6.9% m/m (+12.6% y/y) to 7.64M. The decline reflected a 6.3% drop (+11.0% y/y) in domestic car sales to 5.14M and an 8.1% drop (+15.9% y/y) in imports to 2.50M. Light truck sales fell a lesser 2.4% m/m (+7.2% y/y) to 6.73M reflecting a 2.5% decline (+9.5% y/y) to 5.72M in domestic truck purchases. Sales of imported light trucks fell 1.7% (-4.4% y/y) to 1.01M.
Imports' share of the U.S. light vehicle market slipped to 24.4% in March, about the same as twelve months earlier. (Imported vehicles are those produced outside the United States.) That share was, however, down from its peak of 29.9% in Q1'09. The lower foreign exchange value of the dollar must have played a role as it made imports relatively more expensive. Imports' share of the U.S. car market roughly held m/m at 32.8% but was down from its 38.1% peak. Imports' share of the light truck market edged up to 15.0% last month, down from its 23.9% peak in early '09.
The U.S. vehicle sales figures can be found in Haver's USECON database.
The minutes to the latest Federal Open Market Committee meeting are available here.
| Light Vehicle Sales (SAAR, Mil. Units) | Mar | Feb | Jan | Y/Y % | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 14.37 | 15.10 | 14.18 | 10.0 | 12.78 | 11.58 | 10.38 |
| Autos | 7.64 | 8.21 | 7.42 | 12.6 | 6.24 | 5.79 | 5.45 |
| Domestic | 5.14 | 5.48 | 5.00 | 11.0 | 4.22 | 3.78 | 3.56 |
| Imported | 2.50 | 2.72 | 2.42 | 15.9 | 2.02 | 2.00 | 1.89 |
| Light Trucks | 6.73 | 6.89 | 6.76 | 7.2 | 6.54 | 5.79 | 4.93 |
| Domestic | 5.72 | 5.87 | 5.73 | 9.5 | 5.55 | 4.84 | 3.96 |
| Imported | 1.01 | 1.03 | 1.03 | -4.4 | 1.00 | 0.96 | 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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