Global| Jun 03 2013U.S. Vehicle Sales Rebound
by:Tom Moeller
|in:Economy in Brief
Summary
Unit sales of light motor vehicles recovered during May by 2.6% m/m (9.7% y/y) to 15.31M (SAAR), according to the Autodata Corporation. These sales compare to the recovery peak of 15.54M in November. Sales outperformed expectations [...]
Unit sales of light motor vehicles recovered during May by 2.6% m/m (9.7% y/y) to 15.31M (SAAR), according to the Autodata Corporation. These sales compare to the recovery peak of 15.54M in November. Sales outperformed expectations for 15.1M, according to Bloomberg.
Auto sales increased 3.4% m/m (6.8% y/y) to 7.42M last month. Domestic car sales gained 3.0% to 5.26M (11.6% y/y) while sales of imports rose 4.3% (-3.4% y/y) to 2.16M. Light truck sales inched up 1.9% (12.6% y/y) in May to 7.89M. Imported light truck sales gained 10.2% (10.0% y/y) to 1.10M while domestic light truck purchases ticked up 0.6% m/m (13.1% y/y) to 6.79M.
Imports' share of the U.S. light vehicle market increased to 21.3% in May. (Imported vehicles are those produced outside the United States.) That share was down from its peak of 29.9% in Q1'09. The lower foreign exchange value of the dollar played a role as it made imports relatively more expensive. Imports' share of the U.S. car market gained m/m to 29.1% but remained down from its 37.8% monthly peak in 2010. Imports' share of the light truck market nudged up to 13.9% last month but remained down from its 23.9% peak in early '09. The U.S. vehicle sales figures can be found in Haver's USECON database.
| Light Vehicle Sales (SAAR, Mil. Units) | May | Apr | Mar | Y/Y % | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total | 15.31 | 14.92 | 15.27 | 9.7 | 14.48 | 12.78 | 11.59 |
| Autos | 7.42 | 7.18 | 7.49 | 6.8 | 7.43 | 6.23 | 5.77 |
| Domestic | 5.26 | 5.11 | 5.34 | 11.6 | 5.10 | 4.21 | 3.76 |
| Imported | 2.16 | 2.07 | 2.15 | -3.4 | 2.33 | 2.02 | 2.01 |
| Light Trucks | 7.89 | 7.74 | 7.78 | 12.6 | 7.05 | 6.55 | 5.82 |
| Domestic | 6.79 | 6.75 | 6.74 | 13.1 | 6.08 | 5.55 | 4.86 |
| Imported | 1.10 | 0.99 | 1.03 | 10.0 | 0.97 | 1.00 | 0.96 |
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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