Everyone knew vehicle sales would plunge, we now know by how much.

The BEA reported light vehicle sales of 8.58 million units at a Seasonally Adjusted Annualized Rate. 

Unadjusted sales were 707,840 units.  

Sales have not been this low for 50 years. On a population-adjusted basis, these numbers are a disaster.

Percent Change From Year Ago

Light Vehicle Sales 2020-05-04 Percent Change

RECOMMENDED ARTICLES

On a unadjusted basis, sales are down 46.6%. That exceeds the Great Recession plunge of 41.35% in February of 2009.

Don't Expect a Return to Normal This Year

Expect a very slow recovery. Consumers will need to rebuild balance sheets, not buy new cars.

The same applies to home buying given the  Massive Drop in Homebuyer Interest

For further discussion, please see Don't Expect a Return to Normal This Year

Mish

Motor Vehicles Sales Dive in January, Light Trucks Down 7.8%

The BEA released two motor vehicle sales reports today, one for December and one for January. The latter was a bust.

Vehicle Sales Plunge by 5.5 Million Units, Most Since 1987

Motor vehicle sales plunged over 5.5 million units. On a unit basis this is more than any time since 1987.

New Home Sales Plunge to Lowest Annualized Pace in Three Years

New home sales plunged to a seasonally-adjusted annualized rate (SAAR) of 571,000.

Housing Slump Accelerates

Starts and permits both came in well below consensus estimates, with revisions negative.

Bubble in Motor Vehicle Inventories? Precise Normalness!

Auto sales numbers have been poor, but the Commerce Department durable goods report says motor vehicles and parts shipments and orders are up.

Lunch Traffic Lowest in Four Decades.

A pair of articles on the Wall Street Journal ponders an event I long expected would happen: willingness to eat at fast food places where food is steeply priced and of dubious quality.

GM Says “Market is Definitely Slowing” Lowers Outlook for Vehicle Sales

Reuters reports GM Lowers Outlook for U.S. 2017 New Vehicle Sales, but not by enough in my estimation.