Global| Mar 04 2008U.S. Vehicle Sales in February Remained Low, Gasoline Price Up
by:Tom Moeller
|in:Economy in Brief
Summary
With just a 0.3% m/m uptick, the increase in U.S. sales of light vehicles last month did little to recover a 5.4% January drop. At a 15.38M unit annual selling rate, sales remained quite low. According to the Autodata Corporation [...]
With just a 0.3% m/m uptick, the increase in U.S. sales of
light vehicles last month did little to recover a 5.4% January drop. At
a 15.38M unit annual selling rate, sales remained quite low. According
to the Autodata Corporation sales during the last two months which
averaged 15.35M, were the worst in nearly ten years and the two months
were 5.0% below the 2007 average.
Sales of domestically made light vehicles fell 1.3% last month after a 3.8% m/m decline during January. Sales of U.S. made cars fell 1.7%, the fourth decline in the last five months. Sales of domestically made light trucks slipped 0.9%, the fifth down month in the last six. They're down 11.8% during that period.
Sales of imported light vehicles recovered
5.4% m/m to 3.80M units and made up a little less than half the January
plunge. Sales of imported autos rose 6.9% after January's 14.1% m/m
decline and sales of imported light trucks rose 2.9%. These figures
were from January levels that were revised slightly.
Import's share of the U.S. light vehicle market rose back to 24.7%, near its record monthly levels of last year and an average 24.6% all of 2007. Imported vehicles are those produced outside the U.S. and does not include vehicles with the nameplate of a foreign manufacturer produced within the U.S.
Retail gasoline prices last week moved up another three cents to $3.16 per gallon, according to the US Department of Energy survey.Pushing the price up was an increase in the price for spot WTI crude oil prices to $100.89 per barrel.
Today's speech by Fed Chairman Ben S. Bernanke titled Reducing Preventable Mortgage Foreclosures can be found here.
Liquidity-Risk Management in the Business of Banking is yesterday's speech by Fed Governor Randall S. Kroszner and it is available here.
| Light Vehicle Sales (SAAR, Mil. Units) | February | January | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Total | 15.38 | 15.33 | -7.2% | 16.18 | 16.55 | 16.96 |
| Autos | 7.31 | 7.25 | -2.2% | 7.58 | 7.77 | 7.65 |
| Domestic | 4.92 | 5.01 | 0.3% | 5.07 | 5.31 | 5.40 |
| Imported | 2.39 | 2.24 | -7.0% | 2.51 | 2.45 | 2.25 |
| Light Trucks | 8.06 | 8.09 | -11.3% | 8.60 | 8.78 | 9.32 |
| Domestic | 6.65 | 6.72 | -12.2% | 7.12 | 7.42 | 8.12 |
| Imported | 1.41 | 1.37 | -6.6% | 1.48 | 1.37 | 1.20 |
| Weekly Prices | 03/03/08 | 02/25/08 | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon) | 3.16 | 3.13 | 26.2% | 2.80 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | -- | 100.89 | 64.1% | 94.00 | 61.11 | 58.16 |
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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