US light vehicle sales rose in January: BEA

US sales of light vehicles, comprising light trucks and automobiles, began 2022 at their fastest pace since June, while remaining below year-earlier levels.

Seasonally adjusted sales of light trucks and automobiles came in at an annual pace of 15mn units in January, the Bureau of Economic Analysis said. The pace rose from 12.5mn units in December but was down from a 16.8mn unit rate in January of 2021.

Sales of light trucks and SUVs rose to a 12mn unit rate, their highest since May 2021, after falling under 10mn units in December for just the second time since May 2020. Year over year, light trucks and SUVs sales declined in January from a pace of 13mn units in January 2021.

Domestic auto sales rose to a 3mn unit rate in January, the first gains since April 2021, from a 2.7mn unit pace in December. Sales were down from an annual rate of 3.8mn units in January 2021.

Unseasonally adjusted, a total of 991,000 light vehicles sold in January from 1.2mn in December and compared with 1.1mn in January 2021. Light trucks accounted for 791,000 sold and cars sold totaled 200,000 units.

Auto production in December, the most recent month of data available, increased for the third straight month to 142,200, up from 128,900 units in December. Domestic production registered 179,300 units in December of 2020.

By Jason Metko