U.S. Light Vehicle Sales Ease in August
by:Tom Moeller
|in:Economy in Brief
Summary
- Light truck sales decline while auto purchases improve.
- Domestic and import sales decline.
- Imports' market share steadies.
U.S. light vehicle sales declined 3.0% (+6.9% y/y) to 16.36 million units (SAAR) in August after rising 7.6% to 16.87 million units in July. The decline was the fourth in the last five months. So far in Q3, sales have averaged 16.62 million after averaging 16.21 million in Q2. The improvement in August vehicle sales accompanied a 2.0% y/y rise in real disposable income through July, which compared to 2.1% growth last year.
Sales were uneven last month. Light truck sales declined 4.0% (+10.0% y/y) in August to 13.47 million units, after rising 7.8% to 14.03 million in July and easing 0.2% to 13.02 million in June. Purchases of domestically-made light trucks declined 4.1% (+11.4% y/y) to 10.35 million units, after rising 7.1% in July to 10.79 million. Sales of imported light trucks fell 3.7% (+5.8% y/y) to 3.12 million units, following a 9.8% rise in July.
Trucks’ 82.3% share of the light vehicle market last month compared to 83.2% in July and 80.1% in August of last year. The share averaged 80.3% during all of 2024 versus 53.3% ten years earlier.
Auto sales rose 1.8% (-5.6% y/y) last month to 2.89 million, following a 6.4% July increase. Purchases of domestically-produced cars rose 1.4% (-0.5% y/y) last month to 2.21 million units, after rising 10.1% in July. Sales of imported autos increased 3.0% (-19.0% y/y) to 0.68 million units and reversed the 2.9% July decline.
Imports' 23.2% share of the U.S. light vehicle market was little changed from 23.1% in July. These compare to a May 2023 low of 22.9% and a high of 26.3% in November of 2023. Imports' share of the passenger car market edged up to 23.5% last month and compared to 27.5% in August of last year. It reached a high of 38.7% in September 2021. Imports' share of the light truck market of 23.2% last month was roughly steady with 23.1% in July.
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.
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