Domestic Auto Sales Drop; Vehicle Repair and Insurance Prices Increase

Domestic sales for new autos experienced a decline September to October. According to the latest figures from the Bureau of Economic Analysis (BEA), U.S. automotive unit retail sales dropped by 15 percent, or 61,500 units, on a month-over-month basis.

Year over year, domestic auto sales dropped 8.8 percent to 347.2 thousand in October 2017 from 380.7 thousand in October 2016.

Here are the BEA’s latest figures:

Motor Vehicle Unit Retail Sales: Domestic Autos

Not seasonally adjusted (Thousands) Combined seasonal, trading-day factor Seasonally adjusted  (Thousands) Seasonally adjusted at annual rates (Millions)
July 2017 379.1 99.97 379.2 4.551
August 2017 397.7 109.09 364.6 4.375
Sept. 2017 408.7 97.80 417.9 5.014
October 2017 347.2 87.14 398.4 4.781

Source: Bureau of Economic Analysis

The Bureau of Labor and Statistics (BLS) also updated the consumer price index for October 2017. The index for motor vehicle maintenance and repair increased year over year by 2.8 percent. Month-over -month figures represent an uptick of .4 percent.

The index for insurance continues an upward trajectory, increasing by 8.2 percent on a year-over-year basis. September to October also increased, up .9 percent.

Consumer Price Index: Insurance and Repairs

The index for motor vehicle repairs and insurance.

  Unadjusted percent change

Oct. 2016-Oct. 2017

Unadjusted percent change

Sept. 2017-Oct. 2017

Motor Vehicle Maintenance and Repair 2.8 0.4
Motor Vehicle Insurance 8.2 0.9

Source: Consumer Price Index

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