Friday, March 31, 2023
  • About Us
  • Contact Us
Parliamentobserver
  • Ecology
  • Economy
  • Healthcare
  • Politics
  • Education
  • Business
  • Login
No Result
View All Result
Parliamentobserver
Home Economy

Unit Auto Sales Rose in April, but Remain Low

Dennis Rogers by Dennis Rogers
September 29, 2022
in Economy
0
Unit Auto Sales Rose in April, but Remain Low
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter

Sales of light vehicles totaled 14.3 million at an annual rate in April, up from a 13.4 million pace in March. The April result was a 6.6 percent increase from the prior month but was the eleventh consecutive month below the 16 to 18 million range, averaging just 13.7 million over that period (see first chart). Weak auto sales are largely a result of component shortages that have limited production, resulting in plunging inventory and surging prices.

Related posts

Biden could reduce inflation, mitigate a recession, and strengthen democracy with a new EU-US trade agreement

Biden could reduce inflation, mitigate a recession, and strengthen democracy with a new EU-US trade agreement

September 29, 2022
Recent trends in global value chains and beyond

Recent trends in global value chains and beyond

September 29, 2022

Breaking down sales by origin of assembly, sales of domestic vehicles increased to 11.4 million units versus 10.5 million in March, a rise of 8.3 percent, while imports rose to 2.92 million versus 2.91 million in March, a gain of just 0.2 percent. Domestic sales had generally been in the 13 million to 14 million range in the period before the pandemic, averaging 13.3 million for the six years through December 2019. The domestic share came in at 79.6 percent in April versus 78.3 in March.

Domestic assemblies rose in March, coming in at 9.75 million at a seasonally adjusted annual rate. That is up 13.9 percent from 8.57 million in February but still well below the 11.2 million average pace for the six years through December 2019 (see first chart).

Component shortages, especially of computer chips, continue to restrain production for most manufacturers, creating a scarcity for many models, leading to lower inventory and higher prices. Ward’s estimate of unit auto inventory came in at 116,500 in March, up from 106,800 in February but still near the all-time low (see second chart). Inventory may be stabilizing as the average over the last seven months was 110,358 and has not dropped below 100,000. The Bureau of Economic Analysis estimates the inventory-to-sales ratio rose to 0.470 in March, up from a record low 0.362 in February (see second chart).

The plunging inventory levels have pushed prices sharply higher over the last two years. However, prices may be stabilizing with the average consumer expenditure for a car coming in at $33,117 in March, up 1.2 percent from February, but still below the recent high of $33,348 in December 2021 (see third chart). The average consumer expenditure on a light truck rose to $48,089 from $47,960 in February, up 0.3 percent for the month but below the $48,634 high in January 2022 (see third chart). Still, the March levels represent 12-month gains of 21.4 percent and 13.7 percent, respectively.

As a share of disposable personal income per capita, average consumer expenditures on a car came in at 59.5 percent versus 59.1 in February but up sharply from 41.6 percent in March 2021. The average consumer expenditure on a light truck as a share of disposable personal income per capita was 86.4 percent versus 86.6 percent in February but 64.5 percent in March 2021 (see third chart). Both measures are about equal to the 2014 percentages.

Previous Post

Services-Sector Survey Suggests Continued Price Pressures and Perhaps Some Weakening in Demand

Next Post

Weekly Initial Claims Hit an Eleven-Week High but Remain Below the Pre-Pandemic Level

Next Post
Weekly Initial Claims Hit an Eleven-Week High but Remain Below the Pre-Pandemic Level

Weekly Initial Claims Hit an Eleven-Week High but Remain Below the Pre-Pandemic Level

RECOMMENDED NEWS

One-Third of High-Income Earners Live Paycheck to Paycheck

One-Third of High-Income Earners Live Paycheck to Paycheck

10 months ago
Laying Foundation for World War III

Laying Foundation for World War III

12 months ago
Trudeau Will Freeze the Bank Accounts of All Protestors

Trudeau Will Freeze the Bank Accounts of All Protestors

1 year ago
DuckDuckGo Has Been Compromised

DuckDuckGo Has Been Compromised

1 year ago

BROWSE BY CATEGORIES

  • Business
  • Ecology
  • Economy
  • Education
  • Healthcare
  • Politics

POPULAR NEWS

  • Klaus Schwab – The Most Dangerous Man in the World

    0 shares
    Share 0 Tweet 0
  • Dr. Robert Malone v WEF

    0 shares
    Share 0 Tweet 0
  • Ukraine Adopts WEF Proposals

    0 shares
    Share 0 Tweet 0
  • Trudeau’s Approval Rating Hits 12-Month Low

    0 shares
    Share 0 Tweet 0
  • Trudeau Backs Down After Banks Scream about Massive Withdrawals

    0 shares
    Share 0 Tweet 0
Parliamentobserver

We bring you latest news about ecology, economy, healthcare, politics, education, business.

Recent News

  • Supporting Ukrainian Economy: #SpendWithUkraine Initiative Launched by Ukrainian Brands
  • Starting Up: A Look at the Most Interesting Websites for Entrepreneurs and Startups
  • The Role of Healthcare Advertising in Shaping Economic and Political Decisions

Category

  • Business
  • Ecology
  • Economy
  • Education
  • Healthcare
  • Politics

Recent News

Supporting Ukrainian Economy: #SpendWithUkraine Initiative Launched by Ukrainian Brands

Supporting Ukrainian Economy: #SpendWithUkraine Initiative Launched by Ukrainian Brands

February 6, 2023
Starting Up: A Look at the Most Interesting Websites for Entrepreneurs and Startups

Starting Up: A Look at the Most Interesting Websites for Entrepreneurs and Startups

January 18, 2023
  • About Us
  • Contact Us

© 2022 parliamentobserver.com Submit news release

No Result
View All Result
  • Ecology
  • Economy
  • Healthcare
  • Politics
  • Education
  • Business

© 2022 parliamentobserver.com Submit news release

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In