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 8/1/07 For Jul 2007 | ||||||||||||
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Highlights
Vehicle sales were soft once again in July. Domestic-made vehicles sold at an annual rate of 11.5 million, down from 11.6 in June and well down from a 12.2 million rate in May. Sales of imports are consistent with June's 3.8 million rate that would combine once again for a 15.5 million total rate, the lowest in nearly two years. Sales of light trucks, despite high gas prices, firmed in the month, making up for a drop in car sales. Chain stores will report their July sales next week with early indications that sales are mixed to soft.
Motor vehicle sales have been a soft sector for consumer spending with June sales for domestic made vehicles dropping to an 11.6 million unit pace from 12.2 million in May. Higher gasoline prices have especially cut into sales of light trucks - which include SUVs and minivans.
Motor vehicle sales Consensus Forecast for July 07: 12.2 million-unit rate
Range: 11.5 to 12.4 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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