Heavy Truck Sales Decline Slightly in August; Still Solid
by Calculated Risk on 9/02/2022 11:23:00 AM
The BEA released their estimate of vehicle sales for August this morning.
This graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the August 2022 seasonally adjusted annual sales rate (SAAR).
Heavy truck sales really collapsed during the great recession, falling to a low of 180 thousand SAAR in May 2009. Then heavy truck sales increased to a new all-time high of 570 thousand SAAR in April 2019.
Click on graph for larger image.
Note: “Heavy trucks – trucks more than 14,000 pounds gross vehicle weight.”
Heavy truck sales declined sharply at the beginning of the pandemic, falling to a low of 308 thousand SAAR in May 2020.
Heavy truck sales were at 441 thousand SAAR in August, up from 468 thousand in July, and up from 417 thousand SAAR in August 2021.
Usually, heavy truck sales decline sharply prior to a recession. Sales were reasonably solid in August.