by Bill McBride on 7/01/2014 02:55:00 PM
Tuesday, July 01, 2014
Based on an WardsAuto estimate, light vehicle sales were at a 16.9 million SAAR in June. That is up 7% from June 2013, and up 1% from the 16.7 million annual sales rate last month.
This was above the consensus forecast of 16.4 million SAAR (seasonally adjusted annual rate).
Click on graph for larger image.
This graph shows the historical light vehicle sales from the BEA (blue) and an estimate for June (red, light vehicle sales of 16.9 million SAAR from WardsAuto).
Severe weather clearly impacted sales in January and February. Since then vehicle sales have been very strong.
The second graph shows light vehicle sales since the BEA started keeping data in 1967.
Note: dashed line is current estimated sales rate.
Unlike residential investment, auto sales bounced back fairly quickly following the recession and were a key driver of the recovery.