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Economy in Brief
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller January 5, 2016
Records were meant to be broken, and total sales of light vehicles in 2015 did just that. Rising to 17.42 million units, they just beat the old record of 17.40 million reached in 2000, as gasoline prices and interest rates fell. The feat occurred despite a 4.6% m/m decline in December sales to 17.34 million (SAAR) from 18.19 million during November. It was the lowest level in six months. Nevertheless, sales rose 2.5% versus December 2014, pulling the full-year average up 5.4% against 2014. These gains were, however, the smallest of the economic expansion.
Sales of light trucks set the pace in 2015 with a 12.7% full-year increase to a record 9.69 million units. Their 55.7% share of total vehicle purchases also was a new record. The gain was led by a 25.3% surge in imported light truck sales to 1.37 million units, just off the 2007 record of 1.47 million. Not to be outdone, the 10.8% increase in sales of domestically produced light trucks pulled them to a record 8.33 million. During December, sales of imported light trucks fell 3.2% to 1.59 million. Nevertheless, they were 45.9% higher than December 2014. Sales of domestically produced light trucks fell 4.4% last month to 8.34 million (+8.1% y/y).
Passenger car sales during all of 2015 declined 2.5% to 7.72 million units, leaving them well below the 1990 high of 9.30 million. Sales of U.S. made cars eased 0.8% to 5.63 million while sales of imports fell 6.7% to 2.09 million. For December, passenger car sales declined 5.2% from November to 7.40 million (-8.7% y/y). Sales of domestically made cars fell 3.4% to 5.51 million (-5.5% y/y) while sales of imported cars were off 10.1% to 1.89 million (-17.0% y/y).
Imports share of the light vehicle market eased slightly y/y to 19.8% last year. That was, however, well below the 27.6% peak reached in 2009. During December, their share was 20.1%. Imports share of the car market came to 27.1% last year and 25.5% in December. Imports share of the light truck market totaled 14.1% in 2005 and 16.0% during December.
U.S. vehicle sales figures are published by Autodata and can be found in Haver's USECON database.
|Light Vehicle Sales (SAAR, Mil. Units)||Dec||Nov||Oct||Dec Y/Y %||2015||2014||2013|