Vehicle Sales Plunge By 5.5 Million Units, Most Since 1987

Mish Shedlock
By Mike Shedlock of MishTalk
Investment Advisor Representative - Sitka Pacific Capital Management •

On a month-over-month basis, sales fell 32.15%. On a percentage basis, this is more than 987 but less than the 35.37% decline in September 2009.

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

The 1987 stat is somewhat misleading because it was preceded by unprecedented surges.

Total Vehicle Sales vs Lightweight Vehicle Sales​

Vehicle Sales Month Over Month

On a month-over-month basis, sales fell 32.15%. On a percentage basis, this is more than 987 but less than the 35.37% decline in September 2009.

There is no reason to expect a huge rebound in sales.

Incomes and savings have been clobbered by layoffs that have just started.

As noted earlier day, Unemployment Rate Jumps to 4.4% But Worst is Yet to Come

I expect the unemployment rate to hit at least 12% in April and more likely something close to 20%.

A deep recession is coming up.

For discussion, please see Covid-19 Recession Will Be Deeper Than the Great Financial Crisis

More from this Author

Mortgage Rates Have Largest Weekly Gain In Four Years

Mortgage Rates Have Largest Weekly Gain In Four Years

Mish Shedlock •
In Big Warning To The Fed, Bond Yields Rise Despite Weak Jobs

In Big Warning To The Fed, Bond Yields Rise Despite Weak Jobs

Mish Shedlock •
ISM Manufacturing Expanded In September For The Ninth Consecutive Month

ISM Manufacturing Expanded In September For The Ninth Consecutive Month

Mish Shedlock •

Comments

Back to all articles