Global| Apr 02 2013U.S. Vehicle Sales Dip M/M But Hold the High Ground
by:Tom Moeller
|in:Economy in Brief
Summary
Vehicle sales have been firm for five months at the highest level since early-2008. During March, unit sales of light motor vehicles slipped 0.7% m/m (+8.0% y/y) to 15.27M (SAAR) according to the Autodata Corporation. Sales matched [...]
Vehicle sales have been firm for five months at the highest level since early-2008. During March, unit sales of light motor vehicles slipped 0.7% m/m (+8.0% y/y) to 15.27M (SAAR) according to the Autodata Corporation. Sales matched expectations according to Bloomberg.
Light truck sales increased 2.6% (14.8% y/y) in March to 7.78M. Domestic light truck purchases rose 2.7% (17.1% y/y) to 6.74M while sales of imported light trucks rose 1.5% to 1.03M, up 1.7% y/y. Auto sales fell 3.9% m/m (+1.7% y/y) to 7.49M last month. Domestic car sales fell 3.1% to 5.34M (+7.9% y/y) while sales of imports fell 6.0% (-11.1% y/y) to 2.15M.
Imports' share of the U.S. light vehicle market slipped to 20.8% in March and was near the lowest level since August. (Imported vehicles are those produced outside the United States.) That share was down from its peak of 29.9% in Q1'09. The lower foreign exchange value of the dollar played a role as it made imports relatively more expensive. Imports' share of the U.S. car market slipped to 28.7% and remained down from its 37.8% monthly peak in 2010. Imports' share of the light truck market edged down to 13.3% 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.
Economic Growth Poised to Accelerate from the Federal Reserve Bank of Dallas can be found here.
| Light Vehicle Sales (SAAR, Mil. Units) | Mar | Feb | Jan | Y/Y % | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total | 15.27 | 15.38 | 15.29 | 8.0 | 14.48 | 12.78 | 11.59 |
| Autos | 7.49 | 7.80 | 7.85 | 1.7 | 7.43 | 6.23 | 5.77 |
| Domestic | 5.34 | 5.51 | 5.61 | 7.9 | 5.10 | 4.21 | 3.76 |
| Imported | 2.15 | 2.29 | 2.24 | -11.1 | 2.33 | 2.02 | 2.01 |
| Light Trucks | 7.78 | 7.58 | 7.44 | 14.8 | 7.05 | 6.55 | 5.82 |
| Domestic | 6.74 | 6.56 | 6.47 | 17.1 | 6.08 | 5.55 | 4.86 |
| Imported | 1.03 | 1.02 | 0.97 | 1.7 | 0.97 | 1.00 | 0.96 |
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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