lobal vehicle sales remain in the midst of a precipitous fall-off, led by sharp declines in the mature markets of the United States, Western Europe and Japan. Purchases have also lost momentum in emerging markets, which until recently cushioned the decline in global volumes. The slowdown reflects the intensifying global economic downturn and the sharp plunge in equity markets that has slashed valuations by nearly US$30 trillion over the past year, undermining household wealth and confidence.

The fall-off is steepest in the United States, with vehicle purchases plunging 32% y/y in October to a 25-year low of 10.6 million units, down from an average of 14.1 million units during the previous nine months. (Preliminary data suggest that sales remained close to this level in November as well.) The drop is being reinforced by record-low U.S. consumer confidence and a rapidly deteriorating job market — that will likely get even worse in the months ahead. Given the sharp contraction in demand, automakers are slashing production and have moved forward their year-end clearance sales.

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