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Economy in Brief

U.S. Light Vehicle Sales Level Off
by Tom Moeller  December 1, 2016

Total sales of light vehicles during November eased 0.8% (-2.1% y/y) to 17.87 million units (SAAR) from a downwardly revised 18.02 million units in October, revised from 18.29 million units according to Autodata.

Pacing the decline was a 2.1% drop (+2.4% y/y) in sales of light trucks to 10.71 million units after a 4.1% gain. Sales of domestic light trucks fell 2.8% (+1.1% y/y) to 8.92 million units following a 3.8% rise. Imported light truck sales gained 1.4% (9.5% y/y) to 1.78 million units which added to October's 5.7% rise. Truck sales eased m/m to 59.9% of the light vehicle market, up from 55.7% during all of last year.

Auto sales increased 1.2% to 7.16 million units (-8.1% y/y) following a 2.3% decline, which was downwardly revised. Imported car sales were stable (-5.2% y/y) at 1.96 million units following a 0.8% increase. Domestic car sales gained 1.7% (-9.1% y/y) to 5.21 million units, following the prior month's 3.4% decline.

Imports share of the light vehicle market of 20.9% compared to 19.8% during all of last year. Imports share of the passenger car market of 27.3% compared to 27.1% during all of 2015. Imports share of the light truck market rose to 16.7% from 14.0% last year, though that was lower than the 17.6% peak in May.

U.S. vehicle sales figures are published by Autodata and can be found in Haver's USECON database.

TIPS Liquidity and the Outlook for Inflation from the Federal Reserve Bank of San Francisco can be found here.

Light Vehicle Sales (SAAR, Mil. Units) Nov Oct Sep Nov Y/Y % 2015 2014 2013
Total 17.87 18.02 17.76 -2.1 17.42 16.52 15.59
 Autos 7.16 7.08 7.24 -8.1 7.72 7.92 7.77
  Domestic 5.21 5.12 5.30 -9.1 5.63 5.68 5.48
  Imported 1.96 1.96 1.94 -5.2 2.09 2.24 2.30
 Light Trucks 10.71 10.94 10.51 2.4 9.70 8.60 7.82
  Domestic 8.92 9.18 8.85 1.1 8.34 7.51 6.74
  Imported 1.78 1.76 1.66 9.5 1.36 1.09 1.08
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