U.S. Light Vehicle Sales Move Higher in September
by:Tom Moeller
|in:Economy in Brief
Summary
- Both light truck & auto sales improve.
- Imports' market share increases sharply.
According to today’s report from the Autodata Corporation, light vehicle sales rose 1.5% last month (13.8% y/y) to 15.69 million units (SAAR) following a 3.6% August decline and a 1.2% July shortfall. Sales remain in an uptrend since a low of 12.38 million units in September 2021.
Sales of light trucks rose 1.4% (14.2% y/y) during September to 12.40 million units after falling 4.1% in August. Purchases of domestically-made light trucks fell 0.9% (+13.0% y/y) to 9.40 million units after declining 3.7% in August. Domestic light truck sales have been rising from a September 2021 low of 7.25 million. Sales of imported light trucks strengthened 9.1% (17.6% y/y) to 3.00 million units after falling 4.8% during August.
Trucks' share of the light vehicle market was little changed at 79.0% last month versus 79.1% in August. It was below the June high of 79.8%.
Auto sales rose 2.2% (12.3% y/y) last month to 3.29 million units following a 1.8% August decline. Purchases of domestically-produced cars increased 1.8% (8.5% y/y) to 2.30 million units after falling 2.2% in August. Sales of imported autos strengthened 3.1% (19.3% y/y) to 0.99 million after falling 1.0% in August.
Imports' share of the U.S. vehicle market rose to 25.4% in September from 23.9% in August. The share compared to 24.5% twelve months earlier. Imports' share of the passenger car market improved to 30.1% in September from 29.8% in August. It reached a high of 37.9% in September 2021. Imports' share of the light truck market rose to 24.2% in September from 22.5% in August.
U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.
Can Economists Predict Recessions? from the Federal Reserve Bank of St. Louis is available 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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