ARLINGTON, Va.—Total vehicle sales decreased 200,000 annualized units in October, but monthly sales levels were up 5.6% year over year.
“Auto sales continue to exhibit remarkable durability despite numerous economic and political headwinds, suggesting that fundamental market dynamics, namely increased inventories, remain critical to the industry’s long-term success,” NAFCU Economist Noah Yosif noted. “Challenges to consumption, including real interest rates, wage stagnation, and household debt are likely to accelerate in the coming months, but the current strength of the industry represents a high bar for these headwinds to clear before any tangible impact is realized.”
Auto sales fell 100,000 units but increased 2.1% year over year. Light truck sales also fell 100,000 units but increased 6.4% year over year. Data on units produced – which lags a month behind sales data – showed domestic production fell 4%. However, inventory rose to 1.07 months of sales.
The Forecast
“NAFCU expects vehicle sales will continue a pattern of choppy growth concluding 2023, and will begin to see some more normalization next year as broader economic uncertainties abate,” Yosif concluded.
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