The pace of US light vehicle sales slowed in February from 20-month highs reached the prior month as sales of both cars and light trucks fell.
Sales of light vehicles slowed to a seasonally adjusted annual rate of 14.9mn vehicles in February from a 15.9mn unit pace in January, according to the Bureau of Economic Analysis. Sales in February compared with a rate of 13.7mn units the same month a year earlier.
Auto and light truck sales have largely recovered from shortages of semi-conductors and other spare parts caused by supply-chain snags during the recovery from the Covid-19 slump. But high borrowing costs and concerns surging inflation could lead to another economic slowdown this year mean many would-be car buyers may opt to put off purchases.
Sales of light trucks fell to an annual rate of 11.9mn units in February from a rate of 12.7mn units in January, also a 20-month high. Sales last month compared with a 10.9mn annual unit rate in February 2022.
Sales of autos fell to an annual rate of 2.9mn units in February from 3.2mn units the month prior. Sales last month were up from the 2.8mn unit pace reached in February last year.
US auto assemblies fell to a seasonally adjusted 137,400 units in Jauary from 141,500 units in December. Assemblies are provided with a one month lag to sales.
