Global| Mar 02 2012U.S. Vehicle Sales Fueled Again By Cars
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of light motor vehicles continued on the fast track last month. Unit vehicle sales rose 6.5% m/m to 15.10M (AR) during February according to Autodata Corporation. That sales rate was up 13.7% versus one year earlier and was the [...]
Sales of light motor vehicles continued on the fast track last month. Unit vehicle sales rose 6.5% m/m to 15.10M (AR) during February according to Autodata Corporation. That sales rate was up 13.7% versus one year earlier and was the highest since March 2008. It easily beat the Consensus estimate for 14.0M sales, according to Bloomberg.
As was the case during January, the overall sales gain reflected much higher auto sales. Their 10.6% m/m gain (22.4% y/y) to 8.21M no doubt reflected fuel efficiency and much higher gasoline prices. The monthly rise owed to a 9.7% gain (19.1% y/y) in domestic car sales to 5.48M and a 12.4% rise (29.5% y/y) in imports to 2.72M. Light truck sales rose a modest 2.1% m/m (4.8% y/y) to 6.89M reflecting a 2.5% gain (6.6% y/y) to 5.87M in domestic truck purchases. Sales of imported light trucks slipped 0.3% (-4.7% y/y) to 1.03M.
Imports' share of the U.S. light vehicle market rose to 24.8% in February, up modestly versus twelve months ago. (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 increased m/m to 33.2% but was down from its 38.1% peak. Imports' share of the light truck market slipped 14.9% 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.
Accommodative Monetary Policy and Its Effects On Savers is yesterday's speech by Fed Governor Sarah Bloom Raskin and it is available here.
| Light Vehicle Sales (SAAR, Mil. Units) | Feb | Jan | Dec | Y/Y % | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 15.10 | 14.18 | 13.56 | 13.7 | 12.78 | 11.58 | 10.38 |
| Autos | 8.21 | 7.42 | 6.52 | 22.4 | 6.24 | 5.79 | 5.45 |
| Domestic | 5.48 | 5.00 | 4.20 | 19.1 | 4.22 | 3.78 | 3.56 |
| Imported | 2.72 | 2.42 | 2.32 | 29.5 | 2.02 | 2.00 | 1.89 |
| Light Trucks | 6.89 | 6.76 | 7.04 | 4.8 | 6.54 | 5.79 | 4.93 |
| Domestic | 5.87 | 5.73 | 6.04 | 6.6 | 5.55 | 4.84 | 3.96 |
| Imported | 1.03 | 1.03 | 1.00 | -4.7 | 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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