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Jul, 4, 2008

New car sales take big drop

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DAVE GALLAGHER
THE BELLINGHAM HERALD

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Across the U.S., sales of new cars have been down sharply, and Whatcom County is no exception.

In May, consumers purchased 223 new cars in the county, down 47 percent compared to May 2007, according to Cross-Sell, which compiles its information from the state Department of Licensing. That’s also down 39 percent compared to April, when 367 cars were sold.

In May, 30 new fleet (or company) cars were sold, down from 60 in April.

While that report indicates a slowdown for one aspect of the economy, plenty of other local reports released in June provide other insights. Here is a summary:

Unemployment: The local unemployment was 4.9 percent in May, up from 4.5 percent in April, according to the Washington State Employment Security Department.

The unemployment rate is running higher than the same period last year (in May 2007 the rate was 3.9 percent) but seems to be holding steady, floating around the 5 percent mark. Anything less than 5 percent is considered full employment by many economists.

Foreclosures: According to RealtyTrac, which tracks foreclosure filings across the nation, Whatcom County had 40 foreclosure filings in May, compared to 39 foreclosure filings in April.

The May total equates to one foreclosure filing for every 2,132 households. The state average was one filing for every 1,081 households, while the national average was one filing for every 483 homes.

Bankruptcies: There were 36 bankruptcies locally in May, up from 35 bankruptcies in April, according to the U.S. Bankruptcy Court district office in Seattle.

The numbers are fairly consistent with earlier this year, March had 37 bankruptcies and February had 38. The one blip was in January, with 47 bankruptcy filings.

Airport traffic: According to the Port of Bellingham, 22,333 people flew out of Bellingham International Airport in May, down 7 percent from April and down from the all-time high of 26,229 in March.

Canadian dollar: After a bit of bouncing around last fall, the loonie continues to hang around par in 2008. In June the loonie varied between 98 cents and $1 compared to the U.S. dollar.


Reach Dave Gallagher at 715-2269 or dave.gallagher@bellinghamherald.com.

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