Motor Vehicle Sales: Increase Modestly
February 2, 2016
Bottom Line: Motor vehicle sales rose modestly in January to 17.5 million units annualized, above market expectations. Domestic sales rose while imported vehicle sales fell largely because of a decline in sales of imported light trucks. The January sales level is still 7.4% annualized below its Q4 average of 17.8 million, suggesting a modest deceleration in consumer auto spending at the beginning of the quarter. Motor Vehicle Sales ROSE by 1.4% in January to 17.5 million units annualized, compared with market expectations for a smaller increase to 17.3 million. Vehicle sales are now 5.0% ABOVE their year ago level and have been on an improving trend over the past 5 years. In January, sales of automobiles ROSE by 1.0% to 7.2 million units while sales of light trucks ROSE by 1.8% to 10.3 million units. Domestic motor vehicle sales ROSE by 2.5% to 13.8 million units. Sales of domestic automobiles ROSE by 1.3% to 5.5 million while sales of domestic light trucks ROSE by 3.2% to 8.3 million. Imported motor vehicle sales FELL by 2.1% to 3.7 million units. Sales of imported automobiles were UNCHANGED at 1.8 million units while sales of imported light trucks FELL by 4.0% to 1.9 million.
Article by contingentmacro