Global| Aug 02 2012U.S. Vehicle Sales Remain Firm
by:Tom Moeller
|in:Economy in Brief
Summary
Car buyers remain motivated to do just that. Reported late yesterday, unit sales of light motor vehicles during July slipped just 2.0% m/m to 14.09M (SAAR) according to Autodata Corporation. The decline followed a 3.0% June gain and [...]
Car buyers remain motivated to do just that. Reported late yesterday, unit sales of light motor vehicles during July slipped just 2.0% m/m to 14.09M (SAAR) according to Autodata Corporation. The decline followed a 3.0% June gain and left sales up 13.6% y/y. Data back through 2011 was revised modestly due to new seasonal factors. The latest beat Consensus estimate for 14.0M sales, according to Bloomberg.
Auto sales eased 1.6% m/m (+20.9% y/y) to 7.13M. Domestic car sales fell 1.8% to 5.01M (+24.0% y/y) while imports fell 1.1% (+14.1% y/y) to 2.12M. Light truck sales fell 2.5% (+7.0% y/y) to 6.95M. Domestic truck purchases were off 2.5% (+8.3% y/y) at 6.02M and sales of imported light trucks fell 2.4% (-0.8% y/y) to 0.94M.
Imports' share of the U.S. light vehicle market was stable m/m at 21.7% in July but still the lowest since early 2006. (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 also was stable m/m at 29.8%, its lowest since 2006, and was down from its 37.8% monthly peak in 2010. Imports' share of the light truck market was unchanged at 13.5% last month, down from its 23.9% peak in early '09.The U.S. vehicle sales figures can be found in Haver's USECON database.
The Fed's statement following yesterday's FOMC meeting can be found here.
| Light Vehicle Sales (SAAR, Mil. Units) | Jul | Jun | May | Y/Y % | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 14.09 | 14.38 | 13.95 | 13.6 | 12.83 | 11.58 | 10.38 |
| Autos | 7.13 | 7.25 | 6.95 | 20.9 | 6.29 | 5.79 | 5.45 |
| Domestic | 5.01 | 5.10 | 4.72 | 24.0 | 4.26 | 3.78 | 3.56 |
| Imported | 2.12 | 2.15 | 2.24 | 14.1 | 2.03 | 2.00 | 1.89 |
| Light Trucks | 6.95 | 7.13 | 7.00 | 7.0 | 6.54 | 5.79 | 4.93 |
| Domestic | 6.02 | 6.17 | 6.00 | 8.3 | 5.54 | 4.84 | 3.96 |
| Imported | 0.94 | 0.96 | 1.00 | -0.8 | 1.00 | 0.96 | 0.97 |
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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