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 9/3/08 For Aug 2008 | ||||||||||||
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Highlights
A big incentive push at General Motors fed the biggest month-to-month spike in unit sales in more than three years with total domestic- and import-made light vehicles at a 13.6 million rate, up 8.7 percent from the 17-year low of 12.5 million in July. The gain was centered in trucks where GM's month-to-month sales jumped nearly 40 percent. Though GM said consumers are now less wary over fuel mileage, the result of declining gasoline prices, other makers said consumers are focused as ever on fuel efficiency. Luxury sales were very poor in the month. Today's results point to a big month-to-month lift for the motor vehicle component of next week's retail sales report. Chain stores will report their August results tomorrow.
Sales of domestic motor vehicles fell sharply in July to a 9.1 million unit rate from 9.8 million the month before as high gasoline prices and a weakening labor market cut into sales - especially for trucks. The combined domestic-and-import unit sales rate fell to 12.5 million from June's 13.6 million. The rate is the lowest since November 1991.
Motor vehicle domestic sales Consensus Forecast for July 08: 9.40 million-unit rate
Range: 9.20 to 9.70 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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