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
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Highlights
Vehicle sales proved very weak in January, at an 11.7 million annual unit North American-made rate. The rate is the lowest since mid-year and otherwise the lowest since 1993. Full import data were not available, but totals were likewise weak and point to a combined rate of little better than 15.0 million. Manufacturers said they were disappointed in the results, raising the likelihood of an incentive push in February. Chain stores will report their February sales on Thursday.
Motor vehicle sales for domestics 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. Auto sales are another key leading indicator for transition points in the economy. If vehicle sales hold up, a recession will likely be avoided. If they tank, the economy likely will follow.
Motor vehicle sales for domestics Consensus Forecast for January 08: 12.3 million-unit rate
Range: 11.8 to 12.6 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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