Motor Vehicle Sales: Replacement Buying Continued in October
November 1, 2017
Bottom Line: Car and truck sales in October fell less than expected after September's rebound on hurricane replacement buying. On a trend basis the last 12-months averaged 17.2 million units, a touch below the pace of the last two calendar years. Additionally, the pace of sales over the last 6-months is just below that of the last 12-months. Overall, the trend is still slowing modestly, despite the higher levels in the last two months. Motor Vehicle Sales FELL by 2.5% in October to 18.0 million units annualized, compared with market expectations for a larger decline to 17.5 million. In October, sales of automobiles FELL by 4.4% to 6.3 million units while sales of light trucks FELL by 1.5% to 11.8 million units.
- Domestic motor vehicle sales FELL by 2.2% to 14.0 million units.
- Sales of domestic automobiles FELL by 4.6% to 4.8 million while sales of domestic light trucks FELL by 0.9% to 9.2 million.
- Imported motor vehicle sales FELL by 3.9% to 4.0 million units.
- Sales of imported automobiles FELL by 3.9% to 1.5 million units while sales of imported light trucks FELL by 3.8% to 2.5 million.
Article by Contingent Macro Advisors