Global| Oct 04 2010U.S. Vehicle Sales Gain Moderately As Imports Jump
by:Tom Moeller
|in:Economy in Brief
Summary
At least vehicle sales are holding up and not slipping. Unit sales of light vehicles grudgingly moved higher last month, up 2.5% m/m to 11.76M units (SAAR) and recovering the 0.6% dip during August. Though modest, the sales gain was [...]
At least vehicle sales are holding up and not slipping. Unit sales of light vehicles
grudgingly moved higher last month, up 2.5% m/m to 11.76M units (SAAR) and
recovering the 0.6% dip during August. Though modest, the sales gain was to
the highest level since the spike last August due to the aggressive sales
program. So far this year, monthly sales averaged 11.32M (AR), up 10.5%
from last year's first nine-months. September sales were slightly stronger
than Consensus
expectations. (Seasonal adjustment of these figures is provided by the
U.S. Bureau of Economic Analysis).
Sales of imported autos performed best last month as fuel efficiency still played a big role in the buying decision.Imported light vehicle sales posted a 3.1% m/m gain to 3.24M following an 8.8% August jump. Sales of imported autos rose 5.9% m/m to 2.28M but light truck sales fell 2.9% to 0.96M. Sales of domestically produced vehicles lagged and reversed most of the August decline with a 2.3% increase to 8.52M. Sales of fuel efficient cars rose 2.1% to 3.61M while light truck sales rose 2.5% to 4.92M.
For the month, import's share of the U.S. light vehicle market rose to 27.6%. (Imported vehicles are those produced outside the United States.) Strongest was the rise in imports' share of the U.S. car market. It rose to a record 38.7%. That was above the 34.7% for all of 2009. Imports' share of the light truck market slipped m/m to 16.4% and remained below the 19.7% during all of last year.
The U.S. vehicle sales figures can be found in Haver's USECON database.
The Outlook, Policy Choices and Our Mandate from the Federal Reserve Bank of New York can be found here.
| Light Vehicle Sales (SAAR, Mil. Units) | September | August | July | Sept. Y/Y | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Total | 11.76 | 11.47 | 11.54 | 25.4% | 10.38 | 13.22 | 16.16 |
| Autos | 5.88 | 5.68 | 5.63 | 15.8 | 5.45 | 6.76 | 7.58 |
| Domestic | 3.61 | 3.53 | 3.70 | 9.3 | 3.56 | 4.44 | 5.06 |
| Imported | 2.28 | 2.15 | 1.94 | 27.8 | 1.89 | 2.32 | 2.52 |
| Light Trucks | 5.88 | 5.79 | 5.91 | 36.8 | 4.93 | 6.46 | 8.60 |
| Domestic | 4.92 | 4.79 | 4.95 | 42.4 | 3.96 | 5.28 | 7.10 |
| Imported | 0.96 | 0.99 | 0.95 | 13.8 | 0.96 | 1.18 | 1.47 |
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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