by Bill McBride on 4/20/2011 05:07:00 PM
Wednesday, April 20, 2011
The Department of Transportation (DOT) reported that vehicle miles driven in February were up 0.9% compared to February 2010:
Travel on all roads and streets changed by +0.9% (2.0 billion vehicle miles) for February 2011 as compared with February 2010. Travel for the month is estimated to be 214.8 billion vehicle miles.Click on graph for larger image in graph gallery.
Cumulative Travel for 2011 changed by +0.6% (2.8 billion vehicle miles).
This graph shows the rolling 12 month total vehicle miles driven.
Note: in the early '80s, miles driven (rolling 12 months) stayed below the previous peak for 39 months. Currently miles driven has been below the previous peak for 39 months too - so this record will be broken in March!
The second graph shows the year-over-year change from the same month in the previous year. The DOT reported vehicle miles driven in February were up 0.9%.
No signs of demand destruction yet, however in February U.S. oil prices averaged $90 per barrel, and we might see $100+ oil lead to a decrease in driving in March or April.
• Existing Home Inventory decreases 2.1% Year over Year
• March Existing Home Sales: 5.10 million SAAR, 8.4 months of supply
Posted by Bill McBride on 4/20/2011 05:07:00 PM