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 12/2/08 For Nov 2008 | ||||||||||||
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Highlights
Vehicle sales may be finding a bottom, at a 7.5 million annual unit rate for domestic-made models in November and little changed from October. Levels unfortunately are at lows not seen since the early 80s, but it's month-to-month change that moves the markets and today's data point to stability for motor vehicles sales in next week's retail sales data, a component that makes up about 17 percent of total retail sales. Chain stores will report their November results on Thursday to round out the outlook for Commerce Department data.
Sales of domestic motor vehicles in October were abysmal due to a weak jobs picture and tight credit. Total domestic-made light vehicle sales came in at a pathetic 7.7 million annual unit sales rate. The rate was the lowest since the early 1980s, also a time of recession. The combined domestic and import sales rate of 10.6 million was also at its lowest since the early 1980s.
Motor vehicle domestic sales Consensus Forecast for November 08: 7.81 million-unit rate
Range: 7.40 to 8.60 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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