Full text of G.19 Consumer Credit : November 6, 1978

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••tiSSSHUi

FEDERAL

RESERVE

statistical

release
FOR IMMEDIATE RELEASE
NOVEMBER 6, 1978

421 fG.19)

CONSUMER INSTALMENT CREDIT -

SEPTEMBER 1978

THE RATE OF CONSUMER CREDIT EXPANSION PICKED {3P SOMEWHAT IN SEPTEMBER FROM THE
AUGUST PACE. INSTALMENT CREDIT OUTSTANDING INCREASED A SEASONALLY ADJUSTED $3.28 BILLION
IN SEPTEMBER, FOLLOWING A $2.99 BILLION GAIN IN. AUGUST. FOR THE THIRD QUARTER AS A
WHOLE, THE AVERAGE MONTHLY EXPANSION WAS $3.19 BILLION, OR 16 PER CENT AT AN ANNUAL RATE,
DOWN FROM $3.79 BILLION (OR 20 PER CENT} IN THE SECOND QUARTER. THE ANNUAL RATE OF
INSTALMENT CREDIT GROWTH AVERAGED 16 PER CENT DURING 1977.
INSTALMENT CREDIT NEWLY EXTENDED DECLINED SLIGHTLY IN SEPTEMBER TO
$22.51 BILLION, SEASONALLY ADJUSTED, FROM 822.63 BILLION IN AUGUST. BUT LIQUIDATIONS OF
EXISTING DEBT FELL MORE SHARPLY THAN EXTENSIONS—FROM $19.64 BILLION TO $19.24 BILLIONRESULTING IN THE LARGER NET EXPANSION.
GROWTH IN AUTOMOBILE CREDIT, AT $1.44 BILLION, WAS ABOUT THE SAME IN SEPTEMBER
AS THE MONTH BEFORE, AS EXTENSIONS AND LIQUIDATIONS OF AUTO CREDIT BOTH DECLINED. MOST
OF THE LARGER OVERALL ADVANCE CAME IN THE "ALL OTHER" CATEGORY, WHERE EXTENSIONS ROSE
FROM AUGUST AND LIQUIDATIONS DECLINED, RAISING THE NET CHANGE IN OUTSTANDINGS TO
$1.18 BILLION FROM $900 MILLION.

(IN MILLIONS OF DOLLARS)
INSTALMENT CREDIT, TOTAL

1 SEP. 1978 | AUG. 1978 | SEP. 1978 I SEP. 1977 |LATEST 12 MONTHS
1 (SEASONALLY ADJ.)
|
KNOT SEAS. AD J.)
(NOT SEAS.AOJ.)

AMOUNT EXTENDED:

1

22,5141

1

1

1

7,129|
489|
617|
3,603|
640|
9,836|

7,399(
5461
850|
3,499|
6251
9,713|

6,869|
5111
8421
3,595|
644|
9,431|

6,177|
454|
740|
2,937|
513|
8,476|

1
1

1
1

1
1

1
1

18,3711
I
1
3,5211
1
1.314|
1141
2701
5151
641
1.2441

16,359|

AUTOMOBILE
MOBILE HOME
HOME IMPROVEMENT
BANK CREDIT CARD
OTHER REVOLVING (1)
ALL OTHER

1

AMOUNT LIQUIDATED
NET CHANGE IN AMOUNT
OUTSTANDINGS
AUTOMOBILE
MOBILE HOME
HOME IMPROVEMENT
BANK CREDIT CARD
OTHER REVOLVING (1)
ALL OTHER
AMOUNT OUTSTANDING,
END OF MONTH

1

19,236|
1
i
3,2781

19,6461

1

I

1,439|
78|
234|
3491

1,446|
871
2291
280|
44|
9001

I
|
I
|

22,6321

*

1
«
2,986|

1
1,178|

j
j

1
1

1
1
I

(21

(21

|

21,892f

1

1
1
246,0561

19,2971

255,147

1

1
1
2,938|

1
1,181|
68|
204|
424}
95|
965|

82,344
5,736
9,066
36,512
7,033
112,455
216,366
38,781 (3)
(4)
(4)
(4)
(4)
(4)
C4)

«
207,2971

(2)

INSTALMENT CREDIT FLOWS, QUARTERLY AVERAGES
(SEASONALLY ADJUSTED ANNUAL RATESI
TOTAL
INSTALMENT
CREDIT
EXTENSIONS
LIQUIDATIONS
NET CHANGE

|
(MILLIONS OF DOLLARS)
|
| 19781II | 197811 | 19781
| 1977IV




269,9121
231,6521
38,2601

268,5321
223,0601
45,4721

245,4421
208,8251
36,6171

I
AS PER CENT OF DISPOSABLE
I
PERSONAL INCOME
I 1977III | 19781II I 197811 | 19781
| 1977IV

238,4151
205,5661
32,849!

227,9981
198,149|
29,849|

18.41
15.6|
2.6|

18.71
15.61
3.2|

17.6|
15.01
2.6|

| 19771II

17.51
15.11
2.4|

NOTE: CONSUMER INSTALMENT CREDIT CONSISTS OF SHORT- AND INTERMEDIATE-TERM CRE01T
EXTENOED THROUGH REGULAR BUSINESS CHANNELS TO FINANCE THE PURCHASE OF GOODS
AND SERVICES FOR PERSONAL CONSUMPTION, OR TO REFINANCE DEBTS INCURRED FOR
SUCH PURPOSES, AND SCHEDULED TO BE REPAID IN TWO OR MORE INSTALMENTS.
MORTGAGE CREDIT GENERALLY IS EXCLUDED. DETAILS MAY NOT ADO TO TOTALS DUE TO
ROUNDING.
(1) BANK CHECK CREDIT AND OTHER BANK REVOLVING CREDIT.
(2)
NOT APPLICABLE.
(3)
A VALUE FOR THE UNADJUSTED NET CHANGE IN OUTSTANDINGS APPEARS ALSO ON THE NEXT
TO LAST COLUMN ON THE NEXT PAGE, BUT MAY VARY SLIGHTLY, DUE TO DIFFERENT
(4)
AGGREGATION METHODS.
FOR VALUES SEE THE NEXT TO LAST COLUMN ON THE NEXT PAGE UNDER THE HEA01NG
•CHANGE FROM ENO OF SEPTEMBER 1977 AMOUNT N.S.A.LESS THAN $0.5 MILLION, OR LESS THAN 0.05 PERCENT, AS APPLICABLE.

17.3
15.0
2.3

CONSUMER INSTALMENT CREDIT BY HOLDER AND TYPE -

SEP. 1978

C1N MILLIONS OF DOLLARS)

L I Q U I D A T E D

t X J t H O B O

INSTALMENT CREDIT. BY
HOLDER AND TYPE

TOTAL

SEP.
1978
S.A.

AUG.
1978
S.A.

SEP.
1977
S.A.

22.514

22*632

19*165

11.176
4.281
3.058
611

11*474
4*214
3*271
2*995
678

7.129
4.059
2.274
1.785
1*279
1.720
71

SEP.
1978
N.S.A.

O U T S T A N D I N G

NE1
CHG
SEP.
1978
S.A.
(1)

END OF
SEP.
1976
N.S.A.

CHANGE FROM END
OF SEP. 1977
AMOUNT
N.S.A.

SEP.
1978
S.A.

AUG.
1978
S.A.

SEP.
1977
S.A.

21*892

19*236

19*646

I6.8I0

18.371

3278

246.056

38,759

9.443
3.514
2.773
2.860
575

10.958
3.865
3.443

3.015
611

9.730
3.404
2.660
2*983
459

9.829
3.607
2.763
2*950
497

a.217
3.135
2.316
2*716
432

9.325
3.174
2.627
2.798
447

1446
877
728
75
152

121.519
49.673
43,747
20*872
10,245

19,952
7,340
7,968
2,147
1,351

7*399

6.111

6.869

5*690

5,953

5*007

5.555

1439

94.268

17,058

4*349
2*370
1.979
1.324
1.644
82

3.641
2.028
1.613
1*013
1*376
80

3.871
2.148
1.723
1*195
1.741
62

3.361
1.842
1.519
931
1.348
50

3.455
1.906
1.549
1*064
1*383
51

2*928
1*563
1*365
885
1.148
46

3.290
1.783
1.507
879
1.336
50

698
432
266
348
372
21

54*803
30.566
24.237
17.069
21,719
677

9,867
5,847
4,020
3,139
3,958
93

1978
N.S.A.

BY HOLDfcR
COMMERCIAL BANKS
FINANCE COMPANIES
CREDIT UNIONS
RETAILERS (2)
OTHERS 13)

3.388

BY CREDIT TYPE
AUTOMOBILE. TOTAL
COMMERCIAL BANKS
INDIRECT PAPER
DIRECT LOANS
FINANCE COMPANIES
CREDIT UNIONS
OTHERS (3)
MOBILE HOME. TOTAL
COMMERCIAL BANKS
FINANCE COMPANIES

489

5461

424

511

411

459

392

397

78

15.690

810

285
72

310
78

261
51

294
81

253

284
71

251

*41

32

9.169
3.152

341
33

54

68

2
14.905

2,373

536

572

234
7,472

1*207

263

286

110
16,371
*t2*I

3,720
737

70
HOME IMPROVEMENT. TOTAL

817

850

679

842

621

583
COMMERCIAL BANKS

399

429

340

306

425
289

REVOLVING
BANK CREDIT CARD
BANK CHECK CREDIT
ALL OTHER. TOTAL
COMM. BANKS. TOTAL
PERSONAL LOANS
FINANCE COS.* TOTAL
PERSONAL LOANS
CREDIT UNIONS
RETAILERS
OTHERS

(1)
(2)
(3)




3*499
625

2*847
485

3.595
644

3.254
640

3*219
581

2.567
436

3.08O
580

349

9.836

9*713

8*620

9*431

6.658

8*813

7,877

8.187

1178

100,581

14,062

1.771
1*291
2*189
1*714
1.043
2*716
158

1.848
1.314
2.218
1.774
1.155
2.798
168

257
181
313
372
289
75

29*463
19*871
29*249
23*569
18*326
20,872
2,671

4*080
2*498
4*106
3*313
3*335
2,147
394

2.190
1*555
2*906
2*278
1*462
3*058
220

2*262
1*587
2*793
2*194
1*444
2*995
219

1*870
1*346
2*440
1*938
1*240
2*860
211

2*129
1.531
2*569
1*999
1*497
3*015
221

1*933
1*374
2*393
1*906
1*173
2*983
176

1*984
1*433
2*464
1*958
1*232
2*950
183

•

NET CHANGES FOR ALL MONTHS EQUAL EXTENSIONS MINUS LIQUIDATIONS (REPAYMENTS, CHARGEOFFS, AND OTHER CREDITS).
EXCLUDES 30-OAY CHARGE CREDIT HELD BY RETAILERS, OIL AND GAS COMPANIES, AND TRAVEL AND ENTERTAINMENT COMPANIES.
MUTUAL SAVINGS BANKS, SAVINGS AND LOAN ASSOCIATIONS* AND AUTO DEALERS.
NOTE:

*

y

3.603
640

S . A . AND N . S . A . DENOTE SEASONALLY ADJUSTED AND NOT SEASONALLY ADJUSTED DATA*
DETAILS MAY NOT AOD TO TOTALS OUE TO ROUNDING.

LESS THAN $ 0 . 5 M I L L I O N , OR LESS THAN 0 . 0 5 PERCENT, AS APPLICABLE.

RESPECTIVELY.