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Vehicle sales slip slightly in May
Total vehicle sales fell from 18.8 million annualized units to 17 million annualized units
in May. Monthly sales levels were up 40.3 percent year over year. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new Macro Data Flash report.
"While a decline from the past couple months, May still had a strong showing amidst stimulus fading and supply issues becoming a concern said Long. "Year-over-year numbers were superb but comparing to May 2019 is more practical--light truck sales were up 4.1 percent from two years ago while car sales fell 17.5 percent."
Car sales declined this month from 4.2 million annualized units to 4 million while light truck sales slipped to 13 million annualized units.
Light truck sales have come down from their record high but are still up 38.1 percent year-over-year and the driver of the vehicle sales market. Car sales are up 47.7 percent year-over-year.
"Inventory constraints are growing, but some automakers such as GM have taken steps to lift their production numbers and acquire the semiconductors that are limiting their production," Long added. "NAFCU expects inventory to remain a moderate drag on sales through most of the summer, but strong demand means sales levels will stay fairly steady."
For more up-to-date economic updates from NAFCU's award-winning research team, view NAFCU's Macro Data Flash reports.