U.S. Light Vehicle Sales Rise Further in July
by:Tom Moeller
|in:Economy in Brief
Summary
- Light truck & auto sales both increase.
- Imports' market share improves.
The Autodata Corporation reported that light vehicle sales during July rose 1.3% (18.8% y/y) to 16.0 million units (SAAR) following a 4.3% June gain. Sales remain in an uptrend since a low of 12.38 million in September 2021.
Sales of light trucks rose 1.4% (19.1% y/y) during July to 12.76 million units after rising 5.1% in June. Purchases of domestically-made light trucks rose 0.9% (18.4% y/y) to 9.92 million units after increasing 4.7% in June. Domestic light truck sales have been rising from a September 2021 low of 7.25 million. Sales of imported light trucks gained 2.9% (21.9% y/y) to 2.84 million units after rising 6.2% during June.
Trucks' share of the light vehicle market was little changed at 79.8% last month versus 79.7% in June. It was the highest share since February.
Auto sales rose 0.9% (17.4% y/y) last month to 3.24 million units following a 1.3% June rise. Purchases of domestically-produced cars declined 2.6% (+19.3% y/y) to 2.29 million units after rising 1.7% in June. Sales of imported autos strengthened 10.5% (13.1% y/y) to 0.95 million after holding steady in June. July’s level was the highest since January.
Imports' share of the U.S. vehicle market rose to 23.7% in July from 22.9% in June. The share compared to 23.5% twelve months earlier. Imports' share of the passenger car market improved to 29.3% in July from 26.8% in June. It reached a high of 37.9% in September 2021. Imports' share of the light truck market rose to 22.3% in July from 21.9% in June.
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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