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As NAFCU anticipated, vehicle sales continue strong in April
Total vehicle sales stayed strong in April growing from 18 million annualized units to 18.5 million during the month. Monthly sales levels were up a massive 112.2 percent year-over-year. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the positive report in a new Macro Data Flash report.
“Vehicle sales continued their rise in April to 18.5 million annualized units, with an upward revision to March's numbers,” said Long. “More good news on the vaccine front, including cities and states planning full reopening of businesses, will power a hot economy this summer with a nation anxious to travel and move around.”
Car sales rose this month from 3.9 million annualized units to 4.1 million, while light truck sales grew to 14.4 million annualized units.
Light truck sales have reached a record high and are up 113 percent year-over-year. More trucks were sold this month than total vehicles sold in June 2020. Car sales are up 109.4 percent year-over-year.
“Pent-up demand will be a factor for months to come, while people returning to work in offices will fuel that further in the summer and fall," Long added. "Supply issues have yet to affect sales growth but could be a factor later in the year. Interest rates remain low, and the economic outlook is bright. NAFCU expects very strong vehicle sales through the end of the year."
For more up-to-date economic updates from NAFCU's award-winning research team, view NAFCU's Macro Data Flash reports.