Monthly auto sales for the month of January were released from the major OEMs this morning. Within these monthly releases, we like to track sales of pickup trucks (specifically at Ford (NYSE:F)) as they are often a sign of strength or weakness in the small business and construction sectors. As shown in the chart below, sales of F-Series pickup trucks dropped 5.2% y/y in January from 54.4K down to 51.54K.
To find a January where Ford truck sales posted such a sharp y/y decline, you have to go back to 2009 when sales dropped 38.6%! While some of the weakness in sales this month could be chalked up to the east coast blizzard towards the end of the month, that bad weekend of weather was offset by the rest of the month where weather conditions were favorable.