Cowboys are helping to prop up a lackluster U.S. economy, with pick-up truck sales providing outsized support, DBS said in a note Wednesday.
Sales of pickup trucks normally account for 1 percent of gross domestic product but in the third quarter of 2015, contributed to nearly 6 percent of all GDP growth, DBS estimates.
Most of the pickup trucks sold in the U.S. are also made domestically, providing a boost to employment and helping the net exports component of GDP.
"Talk about punching outside one's weight. The cowboys are doing it big-time," DBS said.
In U.S. dollar terms, auto sales have been pretty lackluster, DBS said, calculating that in the third quarter, they fell 9 percent on-year in steady 2009 dollars to strip out any revaluations effects from the greenback's appreciation.
On a unit basis, through the end of the third quarter, auto sales have been fairly flat for years, but pick-up trucks are picking up the slack, it said.