Nov 13, 201704:29 PMBlog
Vehicle sales up, manufacturing weaker
Washington car and truck sales increased for a fourth consecutive month in October, following a slump in the first half of the year, according to today’s release of the monthly state Economic & Revenue Update.
Seasonally adjusted new vehicle registrations increased 3.5 percent in July, 8.6 percent in August, 3.5 percent in September, and 2.5 percent in October to a total of 327,100 units.
Car and truck sales are up 4.6 percent over last year, but down 2.3 percent since the post-recession peak in January 2016.
Other economic highlights from today’s report include an additional 1,200 manufacturing jobs in Washington state in September, including 200 of those in aerospace industries. Nationwide, manufacturing activity continued to expand in October, but at a slower pace.
The Institute for Supply Management’s Purchasing Managers Index (PMI) decreased by 2.1 points to 58.7 nationally, where 50 or higher indicates growth. The non-manufacturing PMI for October increased by 0.3 points from September to 60.1, its highest level since the index was introduced in 2008. The ISM-Western Washington declined from August and September, but remained positive in October.
Major General Fund-State tax collections for the month through Nov. 10 were $73.6 million above the September forecast. Sales, Use, B&O, Utilities and Tobacco revenues were at 2.9 percent above their forecast.