Light Vehicle Sales Slip For March, Indicate Consumer Spending Is Trending Down
Light vehicle sales, a good indicator of trends in consumer spending, was released today, showing March's sales lower than February. Sales of domestic light motor vehicles fell 3.3% to 9.9 million units while imports edged up 0.4% to 3.2 million units. Combined domestic and imported light vehicle sales posted at 13.1 million units annualized, which is down 2.4% from 13.4 million units the prior month. The dip was attributed to simply coming off a strong pace and due to an easing in manufacturer incentives during March, according to Econoday's report.