Total vehicle sales fell from 15.4 million annualized units to 14.8 million annualized units in July, with monthly sales levels up 0.8 percent year over year. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new Macro Data Flash report.
“Vehicle sales continued their slide in July, driven primarily by lack of supply,” said Long. “With an economy in recovery, the macroeconomic factors exist for very strong sales, but unfortunately supply is not cooperating.
“Dealers are being stingier with incentives and manufacturers are using their limited semiconductor supply on the most profitable vehicles,” Long added. “The shortage is so acute that U.S. auto production fell to its lowest level in 30 years.”
Car sales declined this month from 3.6 million annualized units to 3.5 million annualized units while light truck sales slipped to 11.3 million annualized units.
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