Global| Aug 02 2006U.S. Vehicle Sales Up, But Struggle Against Incentives Last Year
by:Tom Moeller
|in:Economy in Brief
Summary
US light vehicle sales in July rose 5.8% m/m to 17.24M units, according to the Autodata Corporation. July sales were the highest since this past January and the figure beat Consensus expectations for sales of 16.6M units. Despite the [...]
US light vehicle sales in July rose 5.8% m/m to 17.24M units, according to the Autodata Corporation. July sales were the highest since this past January and the figure beat Consensus expectations for sales of 16.6M units.
Despite the latest increase, sales fell 16.8% from July 2005 when the successful "employee pricing" plan was instituted for most car buyers.
Overall light truck sales rose 4.7% last month but a steep 28.7% decline versus July 2005 reflects both the success of last year's sales' incentives and higher gasoline prices.
Domestic truck sales rose 4.3% but fell 32.8% y/y. During the first seven month of this year sales were down 12.2% from the first seven months of 2005. Sales of the relatively fuel efficient imported light trucks rose 7.1% m/m (6.8% y/y). Year to date sales of imported light trucks rose 9.0% from the first seven months of 2005.
Auto sales rose 7.0% (1.9% y/y) in July. Domestic car sales turned in a 5.1% gain but still fell 5.6% from last year. Year to date sales were up 0.3% versus last year. Sales of imported autos, in contrast, surged 10.7% (20.0% y/y). Year to date imported car sales rose 9.9% from last year.
Imports garnered a 24.6% share of the US light vehicle market during July, a monthly record, versus 20.4% during all of last year.
Deficits, Debt and Trust Funds from the Federal Reserve Bank of St. Louis can be found here.
| Light Vehicle Sales (SAAR, Mil. Units) | July | June | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Total | 17.24 | 16.30 | -16.8% | 16.92 | 16.87 | 16.63 |
| Autos | 8.23 | 7.69 | 1.9% | 7.65 | 7.49 | 7.62 |
| Trucks | 9.01 | 8.61 | -28.7% | 9.27 | 9.37 | 9.01 |
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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