U.S. Light Vehicle Sales Edge Higher During September
by:Tom Moeller
|in:Economy in Brief
Summary
- Light truck & auto sales both improve slightly.
- Imports' share slips.
- Sales remain constrained as parts shortages limit production
The Autodata Corporation reported that light vehicle sales during September rose 2.1% (10.4% y/y) to 13.67 million units (SAAR) from 13.39 million in August. Sales remained roughly one-quarter below the April 2021 peak 18.50 million. Vehicle sales comprise about four percent of real consumer expenditures.
Sales of light trucks led last month's increase with a 2.4% gain (10.2% y/y) to 10.71 million units as they recaptured the August shortfall. Purchases of domestically-produced light trucks rose 2.1% last month (13.2% y/y) to 8.23 million units after falling 3.1% in August. Sales of imported light trucks improved 3.3% (1.2% y/y) to 2.48 million after rising 2.1% in August.
Trucks' share of the light vehicle market rose to 78.3% in September but remained down from the 80.4% high in October 2021.
Auto sales rose 1.0% during September (+11.7% y/y) to 2.96 million units, a five-month high, after increasing 3.9% during August. Purchases of domestically-made autos rose 5.0% in September (27.9% y/y) to 2.11 million units following a 3.6% August rise. Sales of imported autos weakened 7.6% (-15.8% y/y) to 0.85 million units and reversed the August increase.
Imports' total share of the U.S. vehicle market eased to 24.4% in last month after rising to 24.8% in August. Imports' share of the passenger car market fell sharply to 28.7% last month and remained down from the September 2021 high of 38.1%. Imports' share of the light truck market rose to 23.2%, a twelve-month high.
U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.
Hybrid Working, Commuting Time, and the Coming Long-Term Boom in Home Construction from the Federal Reserve Bank of Kansas City can be found here.
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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