U.S. Light Vehicle Sales Rebound in June
by:Tom Moeller
|in:Economy in Brief
Summary
- Light trucks lead the increase.
- Imports' market share remains below its high.
The Autodata Corporation reported that light vehicle sales during June rose 4.4% (20.9% y/y) to 15.80 million units (SAAR) following a 6.0% decline in May. Sales remain in an uptrend since a low of 12.38 million in early-September 2021.
Sales of light trucks rose 5.1% (22.1% y/y) during June to 12.58 million units after falling 6.3% in May. Purchases of domestically-made light trucks rose 4.7% (23.7% y/y) to 9.86 million units after falling 5.4% in May. Domestic light truck sales have been rising from a September 2021 low of 7.25 million. Sales of imported light trucks gained 6.3% (16.3% y/y) to 2.71 million units after weakening 9.6% during May.
Trucks' share of the light vehicle market improved to 79.6% last month from 79.1%. It was the highest share in three months and compared to 78.8% twelve months earlier.
Auto sales rose 1.6% (16.2% y/y) last month to 3.22 million units following a 5.1% May weakening. Purchases of domestically-produced cars improved 2.2% (19.2% y/y) to 2.36 million units after falling 5.7% in May. Sales of imported autos weakened 1.1% (+10.3% y/y) to 0.86 million after falling 2.2% in May. It as the fourth decline in five months.
Imports' share of the U.S. vehicle market edged higher to 22.7% in June from 22.6% in May. The share compared to 23.8% twelve months earlier. Imports' share of the passenger car market fell to 26.7% in June from 27.4% in May. It reached a high of 37.9% in September 2021. Imports' share of the light truck market was little changed in June at 21.5%.
U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.
The minutes to the latest FOMC meeting 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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