U.S. Light Vehicle Sales Recover in July
by:Tom Moeller
|in:Economy in Brief
Summary
- Both light truck and passenger car sales rise.
- Imports' market share strengthens.
The Autodata Corporation reported that U.S. light vehicle sales rose 4.0% (0.1% y/y) to 16.04 million units (SAAR) in July and recaptured virtually all of the 4.5% June decline to 15.43 million. Sales averaged 15.86 million units in Q2 after 15.44 million in Q1 and 15.63 million during 2023. The rise accompanied 1.0% y/y growth in real disposable income through June compared to 3.8% growth logged last year.
Auto sales rose 6.5% (-4.6% y/y) to 3.13 million units (SAAR) in July following a 9.0% June decline. Purchases of domestically-produced cars rose 4.6% (-0.9% y/y) last month to 2.29 million units after declining 9.9% in June. Sales of imported autos increased 12.0% (-13.4% y/y) to 0.84 million units after declining in five of the prior six months.
Sales of light trucks rose 3.4% (1.3% y/y) during July to 12.91 million units (SAAR) and reversed their 3.5% June decline. Purchases of domestically-made light trucks rose 1.1% (-1.2% y/y) to 9.74 million units, after falling 4.1% in June. Sales of imported light trucks surged 11.2% (10.1% y/y) to 3.17 million units following June’s 0.7% slip.
Trucks 80.5% share of the light vehicle market last month compared to 80.9% in June and 79.5% in July of last year. The share was 79.4% during all of 2013.
Imports' share of the U.S. light vehicle market rose to 25.0% in July, its highest level in three months. It compared to a May 2023 low of 22.3% and reached a high of 26.3% in November of last year. Imports' share of the passenger car market rose to 26.8% last month from 25.5% in June. It reached a high of 37.9% in September 2021. Imports' share of the light truck market improved to 24.6% from 22.8% in June.
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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