Global| Aug 04 2010U.S. Vehicle Sales Improve To Highest Since August '09
by:Tom Moeller
|in:Economy in Brief
Summary
An improved trend has become apparent in the U.S. vehicle sales figures. Unit sales of light vehicles during July rose 8.8% from June to 12.06M units (SAAR) versus 11.08M in June. Sales were the highest since last August and the Cash- [...]
An improved trend has become apparent in the U.S. vehicle sales figures. Unit sales of light vehicles during July rose 8.8% from June to 12.06M units (SAAR) versus 11.08M in June. Sales were the highest since last August and the Cash-for-Clunkers promotion. They exceeded Consensus expectations for 11.6M and were up by nearly one-third from the recession low in February '09. (Seasonal adjustment of these figures is provided by the U.S. Bureau of Economic Analysis).
Firm gasoline prices, up nearly two-thirds from the December 2008 low, are encouraging sales of fuel efficient vehicles. Imported light vehicle sales were strong and posted a 12.6% m/m gain to 3.15M. Sales of imported autos rose 17.9% to 2.23M (6.9% y/y) following the 3.5% June increase while light truck sales rose a lesser 1.5% to 0.92M (-6.5% y/y). Sales of domestically produced vehicles improved 7.6% to 8.91M and reversed the June decline. Sales of fuel efficient cars rose 7.9% to 3.90M (-5.1% y/y) after a 4.6% June decline while light truck sales rose 7.3% to 5.01M (+23.4% y/y).
Overall, import's share of the U.S. light vehicle market improved to 26.1% and added to their June rise. The share was the highest since January but was still below the high of 30.5% in February '09 and the 27.6% average during all of last year. (Imported vehicles are those produced outside the United States.) Imports' share of the U.S. car market rose m/m to 36.4%. That was above the 34.8% for all of 2009 but down slightly from the June '08 peak of 37.2%. Imports' share of the light truck market fell m/m to 15.5% and remained below the 19.6% during all of last year.
The U.S. vehicle sales figures can be found in Haver's USECON database.
Economy on cruise control in 2010 and 2011 from the Federal Reserve Bank of Chicago is available here.
| Light Vehicle Sales (SAAR, Mil. Units) | July | June | May | July Y/Y | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Total | 12.06 | 11.08 | 11.63 | 7.3% | 10.37 | 13.22 | 16.16 |
| Autos | 6.13 | 5.51 | 5.62 | -1.1 | 5.46 | 6.76 | 7.58 |
| Domestic | 3.90 | 3.62 | 3.79 | -5.1 | 3.56 | 4.44 | 5.06 |
| Imported | 2.23 | 1.89 | 1.83 | 6.9 | 1.90 | 2.32 | 2.52 |
| Light Trucks | 5.93 | 5.57 | 6.01 | 17.6 | 4.91 | 6.46 | 8.60 |
| Domestic | 5.01 | 4.67 | 5.13 | 23.4 | 3.95 | 5.28 | 7.10 |
| Imported | 0.92 | 0.90 | 0.88 | -6.5 | 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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