US auto sales numbers highlight a slowing (but not crumbling) consumer
US December light vehicle sales came in at a 13.3m pace compared to the Wards' estimate of 13.0m.There's been plenty of talk and warnings about auto demand and the US consumer but the December sales number was 6.2% higher than last December. For the fourth quarter overall, sales were at 14.2m compared to 13.0m a year ago.The big caveat in these numbers is that many of these sales are deliveries that have lagged. For instance, I ordered a car last January and it still hasn't arrived. So the numbers aren't exactly an indication of the current state of the consumer.For 2021 as a whole, sales were at 13.7m compared to 14.95m a year ago and both those numbers compared to around 17m pre-pandemic. What's also notable is that December prices were only up 2.1% y/y and we may see those numbers go negative in short order.Wards is forecasting 14.94m sales this year in North America with volumes heavily skewed towards the back half of the year. This article was written by Adam Button at www.forexlive.com.
US December light vehicle sales came in at a 13.3m pace compared to the Wards' estimate of 13.0m.
There's been plenty of talk and warnings about auto demand and the US consumer but the December sales number was 6.2% higher than last December. For the fourth quarter overall, sales were at 14.2m compared to 13.0m a year ago.
The big caveat in these numbers is that many of these sales are deliveries that have lagged. For instance, I ordered a car last January and it still hasn't arrived. So the numbers aren't exactly an indication of the current state of the consumer.
For 2021 as a whole, sales were at 13.7m compared to 14.95m a year ago and both those numbers compared to around 17m pre-pandemic. What's also notable is that December prices were only up 2.1% y/y and we may see those numbers go negative in short order.
Wards is forecasting 14.94m sales this year in North America with volumes heavily skewed towards the back half of the year.
This article was written by Adam Button at www.forexlive.com.
