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POWERED BY
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| Motor Vehicle Sales |
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Released on 2/3/2009 For Jan, 2009
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Prior | Consensus | Consensus Range | Actual |
| Domestic Vehicle Sales | 7.7 M | 7.7 M | 7.3 M to 8.1 M | 6.8 M |
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Highlights
Vehicle sales proved extremely weak in January, pointing to a significant decline for the motor vehicle component of next week's retail sales report. Unit sales of North American-made cars and light trucks fell to a 6.8 million annual rate vs. a 7.7 million rate in December. These results, which are far below expectations, are certain to deepen concern over the health of U.S. auto makers. Chain stores will post their monthly results on Thursday, results that will set up expectations for the balance of next week's Commerce data.
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Market Consensus Before Announcement
Sales of domestic motor vehicles were extremely weak in December but still edged up to a 7.7 million annual rate from November's record low of 7.5 million units. Heavy discounting and lower gasoline prices have not helped sales much due to the recession and worries that the automakers might become bankrupt. Overall, the year 2008 was quite ugly for U.S. producers. Year-ago totals were down as follows: General Motors, down 22.7 percent; Ford, down 20.5 percent; and Chrysler, down 30.0 percent.
Motor vehicle domestic sales Consensus Forecast for January 09: 7.7 million-unit rate
Range: 7.3 to 8.1 million-unit rate
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Definition
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
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![[Chart]](showimage.asp?imageid=17135)
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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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Data Source: Haver Analytics
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