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Analysts at Nomura expect a modest rebound in US total light vehicle sales in September to 16.8m saar from 16.6m in August.

Key Quotes

“Rising household wealth and the strong labor market likely supported consumer demand, but credit conditions remain unfavorable. According to the Federal Reserve’s Senior Loan Officer Opinion Survey, the lending standards on consumer auto loans have remained tight in recent quarters while demand for those loans has been soft. Thus, we expect auto sales to slow in July. While monthly estimates of vehicle sales can be volatile, we expect 16.8m for total vehicle sales for 2018 following 17.2mn in 2017.”