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 3/3/08 For Feb 2008 | ||||||||||||
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Highlights
U.S. vehicle sales proved no softer in February than January, in what probably can be described as good news for the economy. Unit sales came in at 6.7 million for domestic made light trucks and 4.9 million for cars. Sales of imports were a bit stronger than January putting total sales at a preliminary 15.4 million, up from 15.3 million in January. The latest two months show a clear downshift from the 16.0 to 16.2 readings of the prior five months. These results point to little month-to-month change in the auto component of next week's retail sales report. Chain-stores will report their February sales on Thursday in what will decide expectations for the balance of the retail sales report.
Motor vehicle sales were 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. Manufacturers said they were disappointed in the results, raising the likelihood of an incentive push in February.
Motor vehicle sales Consensus Forecast for February 08: 11.95 million-unit rate
Range: 11.30 to 12.20 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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