U.S. Sales Rate in September May Be One of Year's Highest

DETROIT - U.S. light vehicle sales in September may have run at the fastest pace since March as consumers returned to showrooms, helping the industry's recovery from the worst year in almost three decades, reported Bloomberg.

Industrywide deliveries, to be released tomorrow, may have reached a seasonally adjusted annual rate of 11.7 million vehicles this month, according to nine analysts' estimates compiled by Bloomberg.

That would top the 9.5 million pace of last September, the month after the U.S. “cash for clunkers” program ended, and would approach the 11.8 million rate posted in May -- the year's best month so far, according to the Automotive News Data Center.

Automotive News calculates the annualized sales rate differently than other news and data providers.

Consumers are slowly returning to dealers' showrooms while remaining concerned about the security of their jobs, said Paul Ballew, chief economist for Nationwide Mutual Insurance Co. in Columbus, Ohio. Deliveries for all of last year fell to 10.4 million, the lowest since 1982, compared with the average 16.8 million vehicles a year from 2000 to 2007.

“It confirms to us that the recovery has gained a little bit of momentum in the third quarter and is somewhat back on track, but it is still a very slow recovery,” Ballew, a former General Motors economist, said in a telephone interview.

The Conference Board reported on Sept. 28 that consumer sentiment this month declined to the weakest level since February. The U.S. unemployment rate was 9.6 percent in August, up from 9.5 percent in July.