Motor Vehicle Sales: Back Near Highs After Slump
November 2, 2016
Bottom Line: Despite a 12% decline in sales at Ford (who delayed total sales figures for October until this morning due to a fire at their headquarters), total motor vehicle sales rose to 17.9 million units annualized, nearly reaching highs seen this time last year. The October sales level is 10.9% annualized above its Q2 average of 17.4 million, suggesting a modest deceleration in consumer auto spending at the beginning of the quarter. Truck sales remain strong, in a steady uptrend and hitting post-crisis highs. Car sales, meanwhile, retrenched sharply over the last year but now appear to be stabilizing at a pace just below 7 million units annually.
Motor Vehicle Sales ROSE by 1.4% in October to 17.9 million units annualized, compared with market expectations for a smaller decline to 17.6 million.
In October, sales of automobiles FELL by 2.4% to 6.8 million units while sales of light trucks ROSE by 4.0% to 11.1 million units. Domestic motor vehicle sales ROSE by 1.3% to 14.1 million units. Sales of domestic automobiles FELL by 3.6% to 5.1 million while sales of domestic light trucks ROSE by 4.2% to 8.9 million.
Imported motor vehicle sales ROSE by 2.4% to 3.9 million units. Sales of imported automobiles ROSE by 1.2% to 1.7 million units while sales of imported light trucks ROSE by 3.4% to 2.2 million.
Article by Contingent Macro Advisors