Though overall economic activity has increased at a “slow to moderate pace,” auto sales have fared well, according to the Beige Book, an economic report culled from the Federal Reserve Bank’s 12 districts.
Here’s a look at the auto-related data from yesterday’s Beige Book:
Motor vehicle sales increased in a number of Districts. Gains in auto sales were noted in Philadelphia, Cleveland, Richmond, Atlanta, St. Louis, and Minneapolis. Chicago also reported gains in sales during October, but noted the pace of sales slowed in November and that dealers suspected consumers may be waiting for potential end-of-year deals. Upstate New York dealers reported that sales were steady to stronger and that dealers’ service and parts departments continued to perform well. Auto sales were solid in Kansas City, while demand held steady in Dallas. Inventory levels were generally lean or lower than dealers would like in Philadelphia, Cleveland, and St. Louis. In Dallas, vehicle inventories had mostly normalized, while inventory levels increased in Kansas City. Both Philadelphia and Dallas noted supply disruptions for some foreign nameplates due to the flooding in Thailand.
With regard to finance, bank lending overall “increased slightly” since the previous report, while changes in credit standards and credit quality varied across districts.
The next Beige Book will be released Jan. 12, 2012.
