Report: US auto sales in May at lowest level of the year

U.S. automobile product sales in May possibly are envisioned to fall to their cheapest stage of the yr, according to the forecast printed by Cox Automotive.

The new forecast pointed to a seasonally modified annual rate (SAAR) of new-vehicle product sales in May of 13.1 million, down from April’s 14.3 million amount and a steep drop from the 16.9 million stage posted in May well 2021. May’s revenue quantity is predicted to finish in close proximity to 1.14 million models, down 9% from the past month and a 28% drop from one particular yr ago – new car or truck product sales in May perhaps 2021 attained 1.59 million, the second-best month of 2021 by quantity.

“Historically, the day by day product sales rate is increased in May possibly than in most other months, with spring optimism in the air, feelings of summer months highway visits on the horizon, and the buzz of Memorial Day income,” explained Charlie Chesbrough, senior economist at Cox Automotive. “But quite a few of the industry’s regular designs have been overturned by restricted inventory and the lingering impact of the worldwide pandemic.”

Chesbrough also pointed out that in addition to financial worries, the low sales volume can also be attributed to the calendar – there are 24 marketing times this thirty day period, a few much less than last month and two less than May perhaps 2021.

Picture by Peter Katz