Australian new vehicle sales dip 3.2 percent in May

Sales of new motor vehicles in Australia eased back in May after an outsized jump the previous month, but remained sharply higher for the year in a promising sign of consumer resilience.

Data from the Australian Bureau of Statistics on Monday showed that 88,484 vehicles were sold on a seasonally adjusted basis in May, down 3.2 percent from 91,374 in April. That followed a 9.0 percent surge in April and still left sales 16.4 percent higher than in May last year.

Sales of sports utility vehicles increased by 27.0 percent compared to the same month last year, while sales of passenger vehicles rose 17.9 percent and other vehicles by 3.0 percent.

The data echoes strength shown in industry sales figures released earlier this month. Figures from the Australian Federal Chamber of Automotive Industries showed vehicle sales were the highest for any May on record.