U.S. Light Vehicle Sales Dip in October
by:Tom Moeller
|in:Economy in Brief
Summary
- Light truck sales edge higher while passenger car sales decline.
- Imports' market share increases.
According to the Autodata Corporation, light vehicle sales slipped 0.6% in October (+6.1% y/y) to 15.64 million units (SAAR) following a 1.6% September rise and a 3.4% August decline. Sales have softened since the June high of 16.22 million but remain up versus a low of 12.38 million units in September 2021.
Sales of light trucks rose 0.2% (7.4% y/y) during October to 12.47 million units after rising 1.6% in September. Purchases of domestically-made light trucks fell 0.3% (+5.5% y/y) to 9.42 million units after declining in each of the prior three months. Sales of imported light trucks rose 1.7% (13.8% y/y) to 3.05 million units after rising 9.1% during September.
Trucks' share of the light vehicle market edged higher to 79.7% last month from 79.2% in September. It remained below the June high of 79.8%.
Auto sales fell 3.4% (+1.3% y/y) last month to 3.17 million units following a 1.5% September increase. Purchases of domestically-produced cars fell 2.2% (-0.4% y/y) to 2.25 million units after rising 1.8% in September. Sales of imported autos weakened 5.2% (+5.7% y/y) to 0.92 million after holding steady in September.
Imports' share of the U.S. vehicle market rose to 25.5% in October from 23.3% in September. The share compared to 24.1% twelve months earlier. Imports' share of the passenger car market slipped to 29.0% in October from 29.6% in September. It reached a high of 37.9% in September 2021. Imports' share of the light truck market rose to 24.5% in October from 24.1% in September.
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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