U.S. Light Vehicle Sales Rise Modestly in October
by:Tom Moeller
|in:Economy in Brief
Summary
- Light truck purchases improve, but auto sales decline.
- Total domestic vehicle sales increase; imports are little changed.
- Imports' market share slips.
U.S. light vehicle sales rose 0.8% (4.1% y/y) to 16.18 million units (SAAR) in October after rising 4.9% to 16.05 million in September, revised from 16.13 million. It was the highest level of sales in six months. The rise in October vehicle sales accompanied 3.1% y/y growth in real disposable income through September which compared to 4.7% growth logged last year. Earlier figures were revised.
Sales of light trucks rose 1.5% (4.8% y/y) during October to 12.98 million units (SAAR) after rising 4.4% in September. Purchases of domestically-made light trucks rose 1.6% (5.4% y/y) to 9.89 million units, after rising 4.7% in September. Sales of imported light trucks increased 1.0% (1.6% y/y) to 3.09 million units following September’s 3.7% rise.
Trucks’ 80.2% share of the light vehicle market last month compared to 79.7% in September and 79.6% in October of last year. The share was 79.3% during all of 2023.
Auto sales fell 1.5% (+0.9% y/y) to 3.20 million units (SAAR) in October following a 6.2% September increase. Purchases of domestically-produced cars fell 1.7% (+4.9% y/y) last month to 2.34 million units after rising 7.2% in September. Sales of imported autos declined 3.4% (-9.6% y/y) to 0.85 million units after rising 4.8% in September.
Imports' share of the U.S. light vehicle market eased to 24.4% in October from 24.6% in September. It compared to a May 2023 low of 22.9% after it reached a high of 26.3% in November of last year. Imports' share of the passenger car market eased to 26.6% last month from 27.1% in September. It reached a high of 38.7% in September 2021. Imports' share of the light truck market eased to 23.8% last month from 23.9% 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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