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 1/3/08 For Dec 2007 | ||||||||||||
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Highlights
Vehicle sales were flat in December, at a 12.1 million annual rate for domestic made which is one notch under November's 12.2 rate. Import sales were also flat pointing to another month near a total rate of 16.0 million. The results are in line with the year's trend in which sales started at 16.5 million before gradually slipping. December sales interestingly leaned toward trucks, which of course are less fuel efficient and are higher priced. Today's data won't improve expectations for December retail sales, which however will hinge on chain-store results a week from today.
Motor vehicle sales showed a slight month-to-month increase in November with a U.S.-made annual rate of 12.2 million, up one tenth from a 12.1 million rate in October. Cars were a standout in the month, selling at a U.S.-made rate of 5.5 million, well above trend and reflecting a consumer shift toward cars and away from low mileage trucks. Light truck sales, which include SUVs and mini-vans, came in at a 6.7 million rate, one of the lowest rates of the expansion. Continued healthy income growth and a recent decline in interest rates could boost sales even more in December.
Motor vehicle sales Consensus Forecast for December 07: 12.3 million-unit rate
Range: 11.8 to 12.7 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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