by Bill McBride on 5/24/2010 09:05:00 PM
Monday, May 24, 2010
Note: On existing home sales, please see Inventory increases Year-over-Year and Existing Home Sales increase in April
The Department of Transportation (DOT) reported earlier today that vehicle miles driven in March were up from March 2009:
Travel on all roads and streets changed by +2.3% (5.8 billion vehicle miles) for March 2010 as compared with March 2009. Travel for the month is estimated to be 254.8 billion vehicle miles.So miles driven are still down for the year compared to 2009.
Cumulative Travel for 2010 changed by -0.7% (-4.8 billion vehicle miles).
Also miles driven in March were still 1.7% below March 2007.
Click on graph for larger image in new window.
This graph shows the percent change from the same month of the previous year as reported by the DOT.
As the DOT noted, miles driven in March 2010 were up 2.3% compared to March 2009.
The YoY decline in February was blamed on the snow, and there might have been some extra driving in March once the weather improved. On a rolling 12 month basis, miles driven are still 2.1% below the peak - and only 0.5% above the recent low - suggesting a sluggish recovery.
Posted by Bill McBride on 5/24/2010 09:05:00 PM