Global| Nov 03 2010U.S. Vehicle Sales' Uptrend Accelerates
by:Tom Moeller
|in:Economy in Brief
Summary
Unit sales of light vehicles jumped an unexpected 4.2% last month versus September. The rise to 12.26M units (SAAR) left monthly sales at the highest since September of 2008 except for the incentive-charged sales spurt in August of [...]
Unit sales of light vehicles jumped an unexpected 4.2% last month versus September. The rise to 12.26M units (SAAR) left monthly sales at the highest since September of 2008 except for the incentive-charged sales spurt in August of 2009. So far this year, monthly sales averaged 11.41M (AR), up 11.3% from last year's first ten months. October sales were stronger than Consensus expectations for 11.9M. (Seasonal adjustment of these figures is provided by the U.S. Bureau of Economic Analysis).
Light truck sales surged 9.0% m/m led by 10.5% spurt in domestics to 5.43M following a 2.5% September increase. Sales of imported light trucks also increased 1.1% m/m to 0.97M after a 2.9% September decline. Auto sales slipped 0.5% to 5.85M after a 3.5% September increase as both domestics and imports fell by like amounts.
For the month, import's share of the U.S. light vehicle market fell m/m to 26.4%. (Imported vehicles are those produced outside the United States.) Strongest was imports' share of the U.S. car market; stable at a record 38.7%. That was above the 34.7% for all of 2009. Imports' share of the light truck market slipped m/m to 15.2% and remained below the 19.7% during all of last year.
The U.S. vehicle sales figures can be found in Haver's USECON database.
The statement following today's FOMC meeting can be found here.
| Light Vehicle Sales (SAAR, Mil. Units) | Oct. | Sept. | Aug. | Oct. Y/Y% |
2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Total | 12.26 | 11.76 | 11.47 | 17.5 | 10.38 | 13.22 | 16.16 |
| Autos | 5.85 | 5.88 | 5.68 | 7.2 | 5.45 | 6.76 | 7.58 |
| Domestic | 3.59 | 3.61 | 3.53 | -0.7 | 3.56 | 4.44 | 5.06 |
| Imported | 2.27 | 2.28 | 2.15 | 22.6 | 1.89 | 2.32 | 2.52 |
| Light Trucks | 6.41 | 5.88 | 5.79 | 29.0 | 4.93 | 6.46 | 8.60 |
| Domestic | 5.43 | 4.92 | 4.79 | 32.1 | 3.96 | 5.28 | 7.10 |
| Imported | 0.97 | 0.96 | 0.99 | 14.0 | 0.96 | 1.18 | 1.47 |
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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