Net Class 8 orders were weak in October, driven by a high number of cancellations in the month, according to ACT Research.
October Class 8 orders totaled 13,907 units for the month while cancellations totaled 8,610 units. Seasonally adjusted, orders for the month were at 12,060 units.
“The driving factor behind the weak net orders number was an unusually high level of cancellations booked in the month,” said Jim Meil, ACT Research principal and industry analyst. “The cancellations offset a total orders number of 22,517 that reflected, to some degree, the traditional strength of this kickoff month.”
Medium-duty Class 5-7 truck orders fared better in October with a slight drop compared to September but overall strong numbers. Medium-duty truck orders hit 201,922 units for the month, 18,250 when seasonally adjusted. Strong medium duty orders were partly a result of strength in the retail sales, services and construction industries.
“Medium duty statistics continue to reflect the underlying health of the consumer and closely related segments of the economy,” said Meil. “While this was a drop from September SA results, it does sustain a year-to-date increase compared to the like 10 months in 2015.”