Jan 2010 New motor vehicle sales – falling into line
Posted on 23 February 2010
New motor vehicle sales declined in January post the government’s help-a-struggling-car-manufacturer funding of last year.
I’m a little surprised that sales managed to hold up as well as they did – held up in a relative sense by passenger vehicles:
The 12 month average is still heading higher pulled up by last year’s efforts (we use the 12 month average to strip out seasonality). It’ll take a few months of puddling along before the average will respond, that’s why our preferred indicator is the rate of change in the average and, no surprise, this has topped.
The government’s spending in this sector is done. Any economic benefits that accrued have been spent. Now it’s back to business as usual (less the cars that were bought last year ahead of schedule). There ain’t any good news coming from here.
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