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 4/1/08 For Mar 2008 | ||||||||||||
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Highlights
Sales of light vehicles proved unusually weak in March in an ominous sign for retail sales and for the economy. Total sales, including both domestics and imports and based on preliminary data, fell 3 tenths to a 15.0 million annual rate for the lowest rate since 1996. Sales of trucks were especially weak, dropping to a 6.1 million rate for domestics from 7.1 million in February, the result no doubt of high gas prices and a nervous consumer. Chain stores won't report their results until next week but the early signs for March are, so far, all bad. These results may be overlooked in the financial markets but vehicles make up 20 percent of the retail trade report.
Motor vehicle sales surprisingly held steady in February at 11.6 million units, little-changed from 11.7 million the month before. In the latest month, sales of domestic light trucks came in at 6.7 million with domestic cars at 4.9 million for cars. Lower interest rates and incentives may keep overall sales steady despite increased caution by consumers.
Motor vehicle sales Consensus Forecast for March 08: 11.5 million-unit rate
Range: 11.0 to 12.0 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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