US October vehicle sales reach fresh decade high of 18.1mn units

Sales of light weight vehicles totaled 18.12mn annualized units in October, according to data from WardsAuto and BEA seasonal adjustment factors. The sales results came in solidly above consensus expectations of 17.7mn and represent a fresh decade high following the September print of 18.06mn. 

Auto sales rose 1.4% m/m to 7.76mn (saar) and light truck sales ticked down 0.5% m/m to 10.36mn (saar). The auto sector has continued to outperform expectations over the past few quarters as consumer spending on durable goods has grown at a robust pace. Today's results are the earliest reliable indicator of October consumption and suggest that private spending remains healthy. 

"We maintain our outlook for real consumption growth of 3.0% in Q4, which should drive overall GDP growth of about 2.5%", notes Barclays.