Full text of G.19 Consumer Credit : January 5, 1979
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FEDERAL RESERVE statistical release f^ffy FOR IMMEDIATE RELEASE JANUARY 5, 1979 CONSUMER INSTALMENT CREDIT - NOVEMBER 1978 GROWTH IN CONSUMER INSTALMENT CREDIT OUTSTANDING ROSE IN NOVEMBER B^ $4*10 BILLION, COMPARED TO AN UPWARD-REVISED $3.37 BILLION GAIN IN OCTOBER. THE NOVEMBER EXPANSION REPRESENTED A 19 PER CENT ANNUAL RATE OF GROWTH. THE AVERAGE GROWTH RATE FOR OCTOBER AND NOVEMBER COMBINED WAS 17 PER CENT, THE SAME AS IN THE THIRD QUARTER, AND BELOW THE HIGH OF 21 PER CENT IN THE SECOND QUARTER. THE ADDITION TO OUTSTANDING CREDIT REFLECTED BOTH HIGHER NEW EXTENSIONS OF CREDIT AND LOWER LIQUIDATIONS OF EXISTING CONSUMER DEBT. EXTENSIONS ROSE NEARLY $456 MILLION TO $26.21 BILLION, WHILE LIQUIDATIONS, AFTER INCREASING IN OCTOBER, FELL IN NOVEMBER BY $269 MILLION TO $22.12 BILLION. IN THE SIX MONTHS FROM MAY TO NOVEMBER, EXTENSIONS EXPANDED BY 9 PER CENT AND LIQUIDATIONS BY 12 PER CFNT, AT ANNUAL RATES. (IN MILLIONS OF DOLLARS) NOV. 1978 I OCT. 1978 ! NOV. 1978 ! NOV . 1977 |LATEST 12 MONTHS K N O T SEAS.ADJ.) (SEASONALLY ADJ.) (NOT SEAS. ADJ .) ! __ |_ j__ 22,229! 25,946! 295,630 26,2141 R 25,7581 INSTALMENT CREDIT AMOUNT EXTENDED: i AUTOMOBILE REVOLVING (1) MOBILE HOMES OTHER AMOUNT LIQUIDATED NET CHANGE IN AMOUNT OUTSTANDING: AUTOMOBILE REVOLVING C D MOBILE HOMES OTHER AMOUNT OUTSTANDING, END OF MONTH 1 1 1 f i 7,787! 9,176| 486! 8,765! ! 1 ! 1 22,1151 R 7 t 50l! 8,846! 604! R 8,807! ! ! R22,384! 7,333! 9,525! 486! 8,602! ! ! 22,079! l i i I 1 1 1 1 1 ! | j 4,099! i 1,755! 665! 75! 1,604! ! R 3,374! I ! R1,375! 346! 25! R1,628! i I » (2) ! 3,867!i • 1,406! 943! 91! 1,427| • I ! 269,445! i 1 1 I i 1 T 1 1 (2) ! ! 1 i 6,263! 8,049! 449! 7,468! ! ! 18,898! 88,452 103,131 6,044 98,003 251,135 1 1 ! 3,331! 44,495 i 1,174! 974! 54! 1,129! • (4) (4) (4) (4) 1 1 (2) 225,207! NOTE: THE BOARD'S SERIES COVERS MOST SHORT- AND INTERMEDIATE-TERM CREDIT EXTENDED TO INDIVIDUALS THROUGH REGULAR BUSINESS CHANNELS, USUALLY TO FINANCE THE PURCHASE OF CONSUMER GOODS AND SERVICES OR TO REFINANCE DEBTS INCURRED FOR SUCH PURPOSES, AND SCHEDULED TO BE REPAID (OR WITH THE OPTION OF REPAYING) IN TWO OR MORE INSTALMENTS. DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING. R DENOTES REVISED DATA. (1) CREDIT CARDS AT RETAILERS, GASOLINE COMPANIES AND COMMERCIAL BANKS, AND CHECK CREDIT AT COMMERCIAL BANKS. (2) NOT APPLICABLE OR NOT AVAILABLE. (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 AGGREGATION METHODS. (4) FOR VALUES SEE THE NEXT TO LAST COLUMN ON THE NEXT PAGE UNDER THE HEADING "CHANGE FROM END OF NOVEMBER 1977 AMOUNT N.S.A." (3) CONSUMER INSTALMENT CREDIT BY HOLDER AND TYPE - NOV. 1978 ( I N MILLIONS OF DOLLARS) E X T E N D E O O U T S T A N D I N G L I Q U I D A T E D INSTALMENT CREDIT ©Y HOLDER AND TYPE NOV. 1978 S.A. 26,214 TOTAL OCT. 1978 S.A. 12,476 R 12,1821 4,512 4,605f 3,530 3,4011 3,571 3,5181 489 R 5661 1,376 1,335| 260 1511 REVOLVING COMMERCIAL BANKS RETAILERS GASOLINE COMPANIES MOBILE HOMES COMMERCIAL BANKS FINANCE COMPANIES SAVINGS AND LOANS CREDIT UNIONS OTHER (1) (2) (3) OCT. 1978 S.A. 22,487 25,946 22,115 R 22,384 10,602 3,650 2,952 3,410 391 1,247 235 11,878 4,662 3,387 3,949 507 1,331 232 10,551 3,494 2,751 3,385 401 1,377 156 6,719 7,333 4,160 2,321 1,839 1,427 1,132 NOV. 1977 S.A. R 7,5011 ! END OF NOV. 1978 N.S.A. NOV. 1978 N.S.A. 18,891 22,079 4099 269,445 44*238 10,565 3,742 2,757 3,403 R 439 1,319 159 8,727 3,019 2,383 3,094 295 1,238 135 10,428 3,547 2,717 3,407 393 1,435 152 1925 1018 779 186 88 -1 104 133,908 53,099 45,305 23,006 8,291 3,173 2,663 23,773 9,138 8,242 1,473 977 207 428 6,032 6,126 5,179 5,927 1755 101,565 19,644 4,184 2,230 1,954 1,679 1,470 3,664 1,982 1,682 1,354 1,014 3,586 2,030 1,556 1,342 1,198 3,191 1,748 1,443 1,180 808 3,615 1,936 1,679 1,359 953 839 440 399 364 552 60,347 33,709 26,638 21,664 19,554 11*263 R 1,9611 1,643! 1,513! 9,176 8,846! 7,716 9,525 8,511 8,500 7,024 8,582 665 43,523 7,509 4,475! 3,036! 1,3351 3,484 2,985 1,247 4,700 3,494 1*331 4,146 2,988 1,377 4,138 3,043 1,319 3,105 2,681 1,238 4,141 3,006 1,435 556 110 -1 22,724 17*626 3,173 5,720 1,582 207 461 486 411 579 412 395 75 16,017 892 295 52 97 17 277 77 112 20 261 62 74 14 377 75 108 19 262 68 71 11 254 54 74 13 19 15 34 7 9,572 3,150 2,813 482 468 57 281 86 7,591 8,602 7,161 R 7,179 6,276 7,175 1604 108,340 16,193 2,663 2,466 1,508 425 294 235 2,717 3,115 1,688 455 395 232 2,480 2,418 1,383 397 327 156 2,464 2,469 1,396 360 R 331 159 2,169 2,143 1,192 413 224 135 2,418 2,540 1,345 401 319 152 511 451 408 76 54 104 41,265 30,395 23,159 5,380 5,478 2,663 4,702 3,098 1,376 R 4,345! 2,3841 ! » ! 486 604| I 280 77 108 21 3521 73! 154! 25! ! R 8,807! 2,901 ! 2,869 R 3,0101 3,019! 1,791 473 381 1,733! 482! 412! 15l| NET CHANGES FOR ALL MONTHS EQUAL EXTENSIONS MINUS LIQUIDATIONS (REPAYMENTS, CHARGEOFFS, AND OTHER CREDITS). EXCLUDES 30-DAY CHARGE CREDIT HELD BY RETAILERS, GASOLINE COMPANIES, AND TRAVEL AND ENTERTAINMENT COMPANIES. MUTUAL SAVINGS BANKS, SAVINGS AND LOAN ASSOCIATIONS, AND AUTO DEALERS. NOTE: CHANGE FROM END OF NOV. 1977 AMOUNT N.S.A. 4,503 2,422 2,081 1,718 1,566 8,765 COMMERCIAL BANKS FINANCE COMPANIES CREDIT UNIONS RETAILERS SAVINGS AND LOANS MUTUAL SAVINGS BANKS NOV. 1978 S.A. 1 I I 7,787 COMMERCIAL BANKS INDIRECT PAPER DIRECT LOANS CREDIT UNIONS FINANCE COMPANIES NOV. 1978 N.S.A. I I I I BY MAJOR CREDIT TYPE AUTOMOBILE NOV. 1977 S.A. -I*25,758| BY MAJOR HOLDER COMMERCIAL BANKS FINANCE COMPANIES CREDIT UNIONS RETAILERS (2) SAVINGS AND LOANS GASOLINE COMPANIES MUTUAL SAVINGS BANKS | | | 260 R S . A . AND N . S . A . DENOTE SEASONALLY ADJUSTEO AND NOT SEASONALLY ADJUSTED DATA, DETAILS MAY NOT ADO TO TOTALS DUE TO ROUNDING. R DENOTES REVISED DATA. RESPECTIVELY. 6,589 4,674 3,802 4,579 6,322 4,502 4,354 -109 696 428 NOTE The consumer instalment credit series covers most shortand intermediate-term credit extended to individuals through regular business channels, usually to finance the purchase of consumer goods and services or to refinance debts incurred for such purposes, and scheduled to be repaid (or with the option of repaying) in two or more instalments. The series excludes certain types of arrangements by which household expenditures are financed. It generally excludes mortgage financing, which is reported elsewhere, although some credit secured by junior liens on real estate may be reported in the data for certain holders such as finance companies. Also excluded are (a) extensions of funds against the cash value of life insurance policies or generally against savings accounts; (b) noninstalment credit to individuals; and (c) loans to farmers. Some components of the series include unearned (precomputed) finance charges. Historical data as well as additional information about the series are available from the Mortgage and Consumer Finance Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Other regular Federal Reserve publications containing consumer credit stock and/or flow statistics are: monthly—the Bulletin, and the finance company release "422;" and quarterly—the Flow of Funds Accounts release "780," and the Commercial Bank Report of Condition. quarterly reports include data for noninstalment credit. The two In addition, the Report of Condition provides separate commercial bank instalment loan detail for credit card and check credit, home improvement credit, personal loans, and other consumer instalment credit. Consumer credit data also appear in the Federal Reserve's Annual Statistical Digest. Finally, a semiannual joint publication of the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, entitled "Assets and Liabilities of Commercial and Mutual Savings Banks," contains regional and State data for consumer credit held by commercial banks and mutual savings banks. The publication can be obtained upon written request to the Data Requests and Surveys Section, Division of Management Systems and Financial Statistics, Federal Deposit Insurance Corporation, 550 17th Street, N.W., Washington, D.C. 20006.