by Bill McBride on 3/09/2016 10:01:00 AM
Wednesday, March 09, 2016
Update: The WSJ has an article last week: Truck Orders Plummeted 43% in February (ht Dividend Master). Maybe sales will decline in the coming months.
The following graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the February 2016 seasonally adjusted annual sales rate (SAAR).
Heavy truck sales really collapsed during the recession, falling to a low of 181 thousand in April 2009, on a seasonally adjusted annual rate basis (SAAR). Since then sales increased more than 2 1/2 times, and hit 491 thousand SAAR in November 2015.
Heavy truck sales declined in February to 440 thousand SAAR.
The level in November 2015 was the highest level since December 2006 (9 years ago). Sales have been above 400 thousand SAAR for 20 consecutive months, are now above the average (and median) of the last 20 years.
These are strong sales, especially considering the recent weakness in the oil sector.
Click on graph for larger image.