SOUTHFIELD, Mich., Oct. 24,
2022 /PRNewswire/ -- On projected volume of
approximately 1.139 million units, U.S. auto sales in October will
reach a seasonally adjusted annual rate (SAAR) of 14.7 million
units, according to S&P Global Mobility estimates. While this
would mark the strongest monthly SAAR level in eight months, the
underlying dynamics of the market remain in flux.
|
|
|
|
|
U.S. Light Vehicle
Sales
|
|
|
Oct 22
(Est)
|
Sep
22
|
Oct
21
|
Total Light
Vehicle
|
Units, NSA
|
1,138,900
|
1,112,245
|
1,051,015
|
|
In millions,
SAAR
|
14.7
|
13.5
|
13.2
|
Light Truck
|
In millions,
SAAR
|
11.6
|
10.6
|
10.5
|
Passenger
Car
|
In millions,
SAAR
|
3.1
|
2.9
|
2.7
|
Source: S&P Global
Mobility (Est), U.S. Bureau of Economic Analysis
|
|
"Pockets of vehicle inventory levels continue to improve more
quickly than expected from extraordinarily low levels and bring
welcome news on the supply side of the equation. However, auto
consumers are likely feeling the pressure of current economic
headwinds," according to Chris
Hopson, Principal Analyst at S&P Global
Mobility. "While we continue to point to inventory levels as a
major factor in stemming immediate-term momentum in auto sales
levels, the deteriorating economic conditions are becoming more
prevalent."
Hindered by higher interest rate settings and lower levels of
jobs growth than previously anticipated, consumers are expected to
retrench - thereby becoming a major input factor to auto demand
levels over the next 12-18 months. In its October 2022 US Economics update, S&P Global
Market Intelligence team has revised downward its projection of
real GDP growth in 2023 from 0.9% to -0.5%. The base forecast now
includes a mild recession starting in the fourth quarter of this
year, with an anemic recovery taking hold in the third quarter of
next year.
If there's a silver lining, the potential for faster new-vehicle
inventory growth should allow for downward pressure on vehicle
pricing and provide some clearance for auto consumers willing to
test the market in 2023.
About S&P Global Mobility
At S&P Global Mobility, we provide invaluable insights
derived from unmatched automotive data, enabling our customers to
anticipate change and make decisions with conviction. Our expertise
helps them to optimize their businesses, reach the right consumers,
and shape the future of mobility. We open the door to automotive
innovation, revealing the buying patterns of today and helping
customers plan for the emerging technologies of tomorrow.
S&P Global Mobility is a division of S&P Global (NYSE:
SPGI). S&P Global is the world's foremost provider of credit
ratings, benchmarks, analytics and workflow solutions in the global
capital, commodity and automotive markets. With every one of our
offerings, we help many of the world's leading organizations
navigate the economic landscape so they can plan for tomorrow,
today. For more information, visit www.spglobal.com/mobility.
Media Contact:
Michelle Culver
S&P Global Mobility
248.728.7496 or 248.342.6211
Michelle.culver@spglobal.com
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SOURCE S&P Global Mobility