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 10/1/08 For Sep 2008 | ||||||||||||
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Highlights
Vehicle sales proved very weak in September, consistent with similar reports from retailers in other sectors and pointing squarely at month-to-month contraction for retail sales data to be posted at mid-month. Unit sales of North American-made vehicles fell to an annual rate of 9.4 million, down from 10.4 million in August. These results will deepen concern of third-quarter recession.
Sales of domestic motor vehicles surged in August due to a big incentive push at General Motors. Total domestic- and import-made light vehicles jumped 8.7 percent to a 13.6 million rate 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. Sales of domestic-made vehicles jumped to a 10.3 million unit pace from 8.9 million units in August. However, sales in September are likely to decline, coming off the incentive program and with credit tightening.
Motor vehicle domestic sales Consensus Forecast for September 08: 10.08 million-unit rate
Range: 9.37 to 10.80 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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