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Auto sales decline in November
Total vehicle sales decreased 100,000 annualized units in November and monthly sales levels were up 7.4 percent year over year. NAFCU Research Analyst John Hay summarized the data in a new Macro Data Flash report.
“Vehicle sales declined in November, one month after the end of the most recent UAW strike,” said Hay.
“Despite pressure from tightening credit conditions and high interest rates, consumers have continued to defy economic headwinds this year. Data from Ward's Automotive shows that dealer inventories are 77 percent higher than a year ago, and both new and used car prices are continuing to fall.”
Auto sales were unchanged but saw a 2.9 decrease year-over-year. Light truck sales fell 100,000 units but increased 10.2 percent year over year. Data on units produced – which lags a month behind sales data – showed domestic production fell 12 percent in October but inventory rose 1.13 months of sales.
“The prospect of rate cuts plus the continued normalization of vehicle supply sets up for a stronger sales year in 2024,” concluded Hay.
For more up-to-date economic insights from NAFCU's award-winning research team, view NAFCU’s Macro Data Flash reports.