Light vehicle production totaled 966,169 units in October, up 10.1% from September and up 14.5% from the strike-impacted 843,625 units last October. On per/day basis, auto production was at its highest daily rate since April. Sales have now increased, on a year-over-year basis, in consecutive months.
After slowing in September, U.S. light vehicle sales rebounded in October. Sales increased to 1.325 million units, up 13.3% from September and up 10.4% from last October. This was the largest year-over-year increase since December. Year-to-date light vehicle sales are now up 1.6% compared to the same timeframe last year. Much like in September, robust new-vehicle inventory and heightened incentives are key factors helping maintain steady sales volume. Throughout 2024, incentives for new-vehicle sales have been steadily increasing, recently reaching the highest level since early 2021.
After sliding in September, confidence among U.S. consumers increased in October. The October Consumer Confidence Index came in at 108.7, up from 99.2 in September and the strongest monthly gain since March 2021. The Present Situation Index increased sharply, climbing over 14 points to 138.0. The Expectations Index, based on short-term outlook, increased to 89.1. On a six-month average basis, purchasing plans for cars and houses continued to increase, while plans for durable goods purchases also increased.
U.S. light vehicle production slipped in September, now sliding for the third time in the last four months. U.S. light vehicle production totaled 894,643 units, down 7.2% from August, but was up 3.3% from 866,338 units in September 2023. This was the first year-over-year increase for light vehicle production since April. Year-over-year production for light trucks was up 6.6%, helping to overcome the 13.4% year-over-year decline in car production. Car production has now declined on a year-over-year basis for the seventh consecutive month. Year-to-date light vehicle production is now up 2.2% compared to the same timeframe last year.
