Newsroom
Auto sales increase in June, buyers ‘unfazed’ by inflation
Total vehicle sales increased 600,000 annualized units in June and monthly sales levels were up 24.2 percent year over year. NAFCU Economist Noah Yosif analyzes the data in a new Macro Data Flash report.
“Buyers within the vehicles market remain unfazed by lingering inflationary pressures and rising interest rates, buoyed by a tight labor market, steady wage growth, and normalization in global supply chains,” said Yosif. “Time remains on the side of buyers and the vehicles market at-large, as the Fed’s tightening cycle approaches a peak and inflation remains on a downtrend. NAFCU anticipates these factors will set the stage for comparatively stable growth in the second-half of the year.”
Car sales remained flat in June, while light truck sales increased from 11.9 million annualized units to 12.6 million annualized units over the month. Data on units produced – which lags a month behind sales data – showed domestic production decreased 7.3 percent in May and inventory rose to 0.8 months of sales.
For more up-to-date economic insights from NAFCU's award-winning research team, view NAFCU’s Macro Data Flash reports.