Class 8 net new orders for February, released by ACT today, were 16,100 - well below Bear Stearns’ forecast of 20,000-22,000, but up 18% year-over-year (vs. up 93% year-over-year in January).
“While February orders declined 30% sequentially from January, we continue to believe that Class 8 orders bottomed for the cycle in April 2007 at 10,491,” Bear Stearns said.
Class 5-7 net new orders for February were 24,100 (vs. Bear Stearns’ 18,000-20,000 forecast), up 92% year-over-year (vs. up 17% year-over-year in January).
“Arguably, Class 5-7 orders are a ‘purer’ measure of economically-derived demand,” Bear Stearns said.