Unit sales of domestically produced cars and light duty trucks (including sport utility vehicles and mini-vans). Individual manufacturers report usually report sales on the first business day of the month. Motor vehicle sales are good indicators of trends in consumer spending. Why Investors Care
| Released on 3/1/07 For Feb 2007 | ||||||||||||
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Highlights
Vehicle sales were solid in February at a combined 12.6 million annual rate split between a 4.9 million rate for cars and a 7.7 million rate for light trucks. Strength is no better than January but is still well up from depressed levels in November and October. Special strength in light trucks, up from January's 7.5 million rate, is a special plus for manufacturers and dealers who enjoy higher margins on higher priced vehicles.
Today's personal spending data, up a sharp 1.0 percent in January, underscores that consumer spending remains healthy while consumer confidence data earlier in the week indicates that spirits are very strong. Today's vehicle results also support anecdotal reports that the auto sector itself may be on the rebound. Look for chain store reports next Thursday and retail sales data at mid-month.
Motor vehicle sales in January came in at a 12.6 million annual rate - the same pace as in December and a little above November's 12.1 million unit pace. The truck share of the market continued to slip as sales of trucks dipped to a 7.3 million rate in January while car sales firmed to 5.3 million. Motor vehicle sales have been important in keeping the consumer sector strong and will continue to play a key role.
Motor vehicle sales Consensus Forecast for February 07: 12.6 million-unit rate
Range: 12.2 to 12.8 million-unit rate
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Motor vehicles sales slowed notably in 2006 as a result of higher interest rates and a jump in gasoline prices but remained at reasonable levels due to strong income growth. Late in 2006 and in early 2007, gasoline prices were down from 2006 highs but moderating economic growth kept sales from rebounding. Truck shares hit their peak in 2005 when gasoline was cheap and remain sharply lower since gasoline prices spiked in 2006. |
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