“Davidson” submits:
New Orders for Durable Goods rises with help from the volatile commercial aircraft sector. However, Motor Vehicles recover a little and Manufacturing Machinery remains a stalwart. Motor Vehicles remains within its all-time high range with new vehicle sales remaining less than 16mil SAAR (Seasonally Adjusted Annual Rate). This is due to there being more parts than vehicles being sold as Toyota sales remain at recession levels with record low dealer inventories, 40 days, well under the dealer average of 90+ days. It shows that Toyota has a strong brand loyalty and buyer would rather wait than switch. To affirm this, the Manheim Used Vehicle Price Index remains just over 200 which the trend pre-COVID indicates should be closer to 165 once we see normalized vehicle markets.
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