U.S. Light Vehicle Sales Decline in November
by:Tom Moeller
|in:Economy in Brief
Summary
- Sales ease from nine-month high.
- Light truck sales fall more than auto sales.
- Imported vehicle sales are mixed.
The Autodata Corporation reported that light vehicle sales during November fell 6.1% (+9.1% y/y) to 14.39 million units (SAAR) after rising 11.7% in October. Sales still remain significantly below the April 2021 peak 18.37 million. Vehicle sales comprise about four percent of real consumer expenditures.
Sales of light trucks fell 7.8% (+5.8% y/y) to 11.06 million after rising 11.5% in October to 11.99 million units which was the highest level in nine months. Purchases of domestically-produced light trucks weakened 8.2% last month (+1.6% y/y) to 8.45 million units after rising 11.5% in October. Sales of imported light trucks were off 6.1% (+22.4% y/y) to 2.62 million after rising 11.6% in October.
Trucks' share of the light vehicle market declined to 76.9% in November, the least percentage since August of last year and down from a 79.7% high this past March.
Auto sales eased 0.3% during November (+21.5% y/y) to 3.33 million units from 3.34 million in October which was a fifteen-month high. Purchases of domestically-made autos declined 2.0% in November (+26.2% y/y) to 2.41 million units following a 16.0% October surge. Sales of imported autos improved 4.5% (10.8% y/y) to 0.92 million units after rising 2.3% in October.
Imports' total share of the U.S. vehicle market improved to 24.5% last month after rising to 24.0% in October. Imports' share of the passenger car market rose to 27.6% last month but remained down from the September 2021 high of 37.9%. Imports' share of the light truck market edged up to 23.7%.
U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.
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.
More Economy in Brief
