U.S. Light Vehicle Sales Rise in September
by:Tom Moeller
|in:Economy in Brief
Summary
- Light truck sales improve while auto purchases move lower.
- Total vehicle sales increase moderately y/y.
- Imports' market share declines.
U.S. light vehicle sales rose 2.1% (4.2% y/y) to 16.72 million units (SAAR) during September after falling 3.0% to 16.37 million units in August. Sales during Q3 averaged 16.65 million after averaging 16.21 million in Q2. The improvement in September vehicle sales accompanied a 1.9% y/y rise in real disposable income through August, which compared to 2.2% growth last year.
Sales remained uneven last month. Light truck sales rose 3.0% (8.6% y/y) in September to 13.89 million units, after falling 3.9% in August. Purchases of domestically-made light trucks rose 5.6% (12.2% y/y) to 10.92 million units, after falling 4.2% in August. Sales of imported light trucks fell 5.1% (-2.9% y/y) to 2.97 million units, following a 3.4% August decline.
Trucks’ 83.1% share of the light vehicle market last month compared to 82.4% in August and 79.7% in September of last year. The share averaged 82.3% so far this year versus 56.9% ten years earlier.
Passenger car sales declined 2.1% (-12.9% y/y) last month to 2.83 million, following a 1.8% August increase. Purchases of domestically-produced cars fell 3.2% (-10.1% y/y) last month to 2.14 million units, after rising 1.4% in August. Sales of imported autos increased 1.4% (-20.5% y/y) to 0.70 million units after a 4.5% August increase.
Imports' 22.0% September share of the U.S. light vehicle market stood below August’s 23.3% share. 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 24.7% last month from 23.9% in August. It reached a high of 38.7% in September 2021. Imports' share of the light truck market fell to 21.4% last month from 23.2% in August.
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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