U.S. sales of light vehicles last month fell 1.1% from September to a 16.06M unit annual selling rate. That followed the slight 0.3% decline during September, according to the Autodata Corporation.

Domestically made vehicle sales fell 2.5% m/m to 12.08M (-2.1% y/y). Sales of domestic light trucks again seemed to show the effects of higher gas prices and were down 2.9% m/m to a 7.07M selling rate (-3.4% y/y. Meanwhile, sales of U.S. made cars more than reversed the September increase with a 1.9% decline to 5.06M units last month (-0.4% y/y).

Sales of the relatively fuel efficient imported light vehicles posted another gain. The 3.4% rise to 3.88M units (0.1% y/y) was to near the average level of sales during the record year of 2006. Sales look to be rising another 5% this year. Imported light truck sales rose 1.3% last month (-0.8% y/y) and sales of imported autos rose 4.7% to 2.46M units (0.7% y/y).

Import's share of the U.S. light vehicle market rose to 24.8% versus an average 23.1% for all of last year.

The statement accompanying this week's FOMC meeting can be found here.