Global| Oct 02 2009U.S. Vehicle Sales Payback August Strength
by:Tom Moeller
|in:Economy in Brief
Summary
Payback time came last month for vehicle sales that were pulled forward by price discounts. U.S. unit sales of light vehicles during September fell sharply with the end of the "Cash-for-Clunkers" sales program. Sales last month fell [...]
Payback time came last month for vehicle sales that were pulled forward by price discounts. U.S. unit sales of light vehicles during September fell sharply with the end of the "Cash-for-Clunkers" sales program. Sales last month fell 34.6% m/m to 9.22M units according to the Autodata Corporation. (Seasonal adjustment of the figures is provided by the U.S. Bureau of Economic Analysis). September sales were weaker than the expected 9.6M sales rate and were at their lowest since February.
Sales of domestically made vehicles fell by more than one-third from August to 6.62M units and they were down 29.7% y/y. Sales of fuel efficient cars fell nearly 40% m/m while light truck sales posted a 29% m/m decline that left them down one-third versus last September. Year-to-date, sales of domestic vehicles overall were down 13.1% following last year's 35.8% drop from December-to-December.
Imported light vehicles similarly fell with the end of the government's sales program. A 36.5% m/m decline to 2.60 units more than reversed the August increase. Sales of imported autos fell a hard 36.3% while sales of imported light trucks also fell by more than one-third m/m. Year-to-date, sales of imported vehicles were slightly below last year's average. Overall, import's share of the U.S. light vehicle market slipped to 28.2% last month from 29.0% in August. It reached 26.5% during all of last year. (Imported vehicles are those produced outside the United States.) Imports' share of the U.S. car market totaled 35.3%, versus 34.3% last year while the share of the light truck market was 19.7%, up slightly from 18.3% last year.
The U.S. vehicle sales figures can be found in Haver's USECON database.
Regulatory reform is yesterday's House testimony by Fed Chairman Ben S. Bernanke and it can be found here.
| Light Vehicle Sales (SAAR, Mil. Units) | September | August | July | Sept. Y/Y | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|
| Total | 9.22 | 14.09 | 11.24 | -26.7% | 13.17 | 16.16 | 16.54 |
| Autos | 5.02 | 8.05 | 6.20 | -20.3 | 6.71 | 7.58 | 7.77 |
| Domestic | 3.25 | 5.26 | 4.11 | -23.8 | 4.42 | 5.07 | 5.31 |
| Imported | 1.77 | 2.78 | 2.09 | -12.9 | 2.29 | 2.52 | 2.45 |
| Light Trucks | 4.20 | 6.05 | 5.04 | -33.0 | 6.47 | 8.60 | 8.78 |
| Domestic | 3.37 | 4.75 | 4.06 | -34.6 | 5.29 | 7.10 | 7.42 |
| Imported | 0.83 | 1.31 | 0.98 | -26.1 | 1.18 | 1.47 | 1.37 |
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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