FEDERAL

statistical
421 (G.19)

RESERVE
release
FOR IMMEDIATE RELEASE FEBRUARY 6, 1979

CONSUMER INSTALMENT CREDIT - DECEMBER 1978 CONSUMER INSTALMENT CREDIT OUTSTANDING EXPANOED SOMEWHAT FASTER IN DECEMBER, INCREASING BY $4.31 BILLION COMPAREO WITH $4.10 BILLION IN NOVEMBER. THE AMOUNT OF GAIN SLIGHTLY EXCEEDED THE PREVIOUS RECORD ADVANCE OF $4.28 BILLION IN MAY, ALTHOUGH THE ANNUAL PERCENTAGE RATE OF GROWTH (19 PER CENT) WAS 2 PERCENTAGE POINTS LESS BECAUSE OF THE LARGER CREDIT BASE FOR DECEMBER'S CALCULATION. THE VOLUME OF CREDIT NEWLY EXTENDED EOGEO UP TO $26.41 BILLION IN DECEMBER WHILE LIQUIDATIONS OF EXISTING DEBT. DECLINED SLIGHTLY TO $22.10 BILLION, RESULTING IN THE $4.31 BILLION NET CHANGE. THE PICKUP IN GROWTH OCCURRED MAINLY IN THE REVOLVING CREOIT CATEGORY; AUTOMOBILE CREDIT ADVANCED LESS RAPIDLY THAN IN NOVEMBER, AND THE OTHER CATEGORIES NAIN+AINED A STEADY RATE OF GROWTH. TOTAL CONSUMER NONINSTALMENT CREDIT OUTSTANDING—CREDIT SCHEDULED TO BE REPAID IN A LUMP SUM, INCLINING SINGLE PAYMENT LOANS, CHARGE ACCOUNTS, AND SERVICE CREDIT—AMOUNTED TO $61.7 BILLION AT THE END OF 1978, AN INCREASE OF $3.1 BILLION FROM THE REVISED 1977 ESTIMATE.

(IN MILLIONS OF DOLLARS) INSTALMENT CREDIT AMOUNT EXTENDED: AUTOMOBILE REVOLVING (1) MOBILE HOMES OTHER AMOUNT LIQUIDATED NET CHANGE IN AMOUNT OUTSTANDING: AUTOMOBILE REVOLVING (1) MOBILE HOMES OTHER AMOUNT OUTSTANDING, END OF MONTH DEC. 1978 f NOV. 1978 1 D E C 1978 I DEC. 1977 |LATEST 12 MONTHS KNOT SEAS.ADJ.) (NOT SEAS, ADJ.) (SEASONALLY ADJ.) 1 . j 24,534I 27,3981 298,494 26,2141 26,4131

I
7,734| 9,4241 5341 8,7211

I
7,7871 9,1761 4861 8,7651

!
6,457| llt743| 4361 8,7621

I
6,0061 10,287| 3881 7,8531

88,903 104,587 6,092 98,912 253,508 44,986 (41 (4) (4) (4) (2) (3)

I I
22,1001

I I
22,1151

1 I
21,2831

I I
18,9101

1 I 4,313| I
1,6811 8691 1031 1,660|

I .I
4,0991

I I
6,1151

I I
5,6241

I
l»755l 6651 751 l,604|

I
8201 3,5281 50! It717|

I
9901 3,2601 16| 1,3581

274,9941 INSTALMENT CREDIT FLOWS, QUARTERLY AVERAGES (SEASONALLY ADJUSTED ANNUAL RATES) TOTAL INSTALMENT CREDIT EXTENSIONS LIQUIDATIONS NET CHANGE (MILLIONS OF DOLLARS) 1978IV 1 1978III 1 1978II 304,9121 261,8001 43,1121 I 19781 J 1977IV

(2)

I I I

(2)

I 1 I

1 I

1 1
230,8291

I
270,3681 228,8361 41,5321

I 1 1978IV

AS PER CENT OF DISPOSABLE PERSONAL INCOME | 1978III 1 197£II 1 19781 20.81 17.81 2.9| 21.Oj 17.5J 3.51

I 1977IV 19.9 16.8 3.1

313,5401 266,3961 47,1441

301,4041 251,032) 50,3721

274,6641 237,164| 37,5001

20.71 17.61 3.11

19.71 17.0| 2.71

NOTE: THE BOARD*S SERIES COVERS HOST SHORT- AND INTERMEDIATE-TERM CREDIT EXTENDED TO INDIVIDUALS THROUGH REGULAR BUSINESS CHANNELS, USUALLY TO FINANCE THE PURCHASE OF COHSWIER GOODS AND SERVICES OR TO REFINANCE DEBTS INCURRED FOR SUCH PURPOSES, ANO SCHEOULED TO BE REPAID (OR WITH THE OPTION OF REPAYING) IN TWO OR MORE INSTALMENTS.^ DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING. (1) CREDIT CARDS AT RETAILERS, GASOLINE COMPANIES AND COMMERCIAL BANKS, AND CHECK CREDIT AT COMMERCIAL BANKS. NOT APPLICABLE OR NOT AVAILABLE. A VALUE FOR THE UNADJUSTED NET CHANGE IN OUTSTANDINGS APPEARS ALSO ON THE NEXT (3? TO LAST COLUMN ON THE NEXT PAGE, BUT MAY VARY SLIGHTLY, DUE TO DIFFERENT AGGREGATION METHODS. (4) FGR VALUES SEE THE NEXT TO LAST COLUMN ON THE NEXT PAGE UNDER THE HEADING "CHANGE FROM END OF DECEMBER 197? AMOUNT N.S.A,"

m

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT BY HOLDER AND TYPE ( I N MILLIONS OF DOLLARS)

DEC. 1978

E X T E N D E O INSTALMENT CREDIT BY HOLDER AND TYPE DEC. 1978 S.A. NOV. 1978 S.A. 1 | 1 OEC. 1977 S.A. ! DEC. ! 1978 I N.S.A.

1 11 !1 !1 DEC. 1978 S.A.

L I Q U I D A T E D 1 NOV. 1978 S.A. J ! ! DEC. 1977 S.A.

1
TOTAL ! 26,413 26,2141 22,8321 27,3981 1 22,100 22,115! 19,252

1 1 NET | I 0 U T S T A N 0 I N G ! CHG 1 1 DEC. ! ! P E C l ! END OF | CHANGE FROM END OF OEC. 1 9 7 7 OEC. 1978 1 I 19781 ! AMOUNT] 1978 PER N.S.A. ! 1 S.A.I I CEMT N.S.A. 1 ( I ) 1I N.S.A. 21,283! ! 4313! ! 274,994 44,165 19.1

1
BY MAJOR HOLDER COMMERCIAL BANKS FINANCE COMPANIES CREDIT UNIONS RETAILERS ( 2 ) SAVINGS AND LOANS GASOLINE COMPANIES MUTUAL SAVINGS BANKS BY MAJOR CREDIT TYPE AUTOMOBILE COMMERCIAL BANKS INDIRECT PAPER DIRECT LOANS CREDIT UNIONS FINANCE COMPANIES REVOLVING COMMERCIAL BANKS RETAILERS GASOLINE COMPANIES MOBILE HOMES COMMERCIAL BANKS FINANCE COMPANIES* SAVINGS AND LOANS CREDIT UNIONS OTHER COMMERCIAL BANKS FINANCE COMPANIES CREDIT UNIONS RETAILERS SAVINGS AND LOANS MUTUAL SAVINGS BANKS I 1 1 7,734 4,344 2,451 lt893! 1,7381 1,652 9,424 4,814 1 3,159 1,451 534 327 74| 111 22 8,721 2,969 2,933 1,766 453 405 195| 1 I 1 I

1
12,454 4,659 3,526 3,612 516 1,451 195 1

1 1 1 1
12,4761 4,512! 3,5301 3,571! 489| l,376| 2601 1 1 7,787| 10,9071 3,719! 3,0351 3,465! 335! 1,285| 85! 12,1031 4,874! 3,239! 5,163) 475! 1,3681 176! 1 ! 1 ! ! ! 1 10,441 1 3,581 2,753 3,416 401 1 1,355 153 1 10,55l| 3,494! 2,7511 3,385! 401! 1,377| 1561 8,946 3,029 2,432 3,145 1 298 1,261 141 1 9,880! I 2013! 1 3,6861 1 1078! ! 2,6051 ! 7731 1 1961 1 3,2931 ( 1151 I 372! 1 1,301! ! 96) 1 146| t 42! ! 137,413 25,040 9,441 54,309! 8,334! 45,939 -484 23,006 8,394 1,040 277! 3,240 517 2,693 22.3 21.0 22.2 -2.1 14.1 9.3 23.8

! ! |

6,8891 4,266( 2,3581 1,9081 1,475| 1,148! 7,985! 3,6221 3,077! It285| 4571 307! 601 72! 18! 7,501! 2,712! 2,511| 1,5421 388! 263! 85!

6,4571 1 3,504! 1,971! 1,533| 1,555! 1,3981 ! 1 ! ! 1

6,053 3,598 It921| 1,677 1,347 1,108 8,555 4,204 2,996 1,355 431 274 63 81 13 7,061 2,365 2,410 1,393 420! 320| 153

6,0321 3,664( 1,982| 1,682! 1,354! 1,0141 8,5111 4,146! 2,9881 1,377! 4111 2611 621 74J 14! 7,1611 2,480! 2,4181 1,3831 3971 327| 1561

5,252 3,261 1,762 1,499 1 1,206 785 7,226 I 3,239 1 2,726 1,261 1 398 1 250 1 68 69 11 6,376 2,196 2,176 1,215 419 229 141

5 , 6 3 7 ! 1 16811 I 3,370! I 1,830! 1 1,5401 1 1,2521 1 1,0151 1 8,215! I 4,0021 1 2,9121 1 1,3011 f ,3861 1 242! 1 611 1 71! ! 12! 1 746! 1 530! ! 216! 1 39l|1 5441 1 869| f 610! 1 163! ( 96! ! 103! 1 53| I 11!1 30| 1 9( I

102,385 60,481 33,850 26,631 21t967| 19,937 45,300 24,434 17,626 3,240 17,349 10,860 3,152 2,848 1 489 109,960 41,636 31,220 23,483 5,380 5,546 2,693

19,474 10,904 6,471 4f433 3,868 4,702 6,026 6,060 ! -311! 277 2,208 1,736 1 75 310 1 87 16,457 6,340 4,664 4,379 -173 1 730 1 517 1

23.5 22.0 23.6 20.0 21.4 30.9 15.3 33.0 -1.7 9.3 14.6 19.0 2.4 12.2 21.6 17.6 18.0 17.6 22.9 -3.1 15.2 23.8

4,503! 2,4221 2,081! 1,T18| 1,566| 9,1761

j

11,743! 1 5,712! ! 4,6631 ! 1,368! ! 4361 I 2461 63! 106! 19| 1 ! 1 1

!
1 4,702! 3,0981 1,3761

*

!
4861

!

I 1

2801 77! 108! 211

!
8,765!

8,7621 ! 2,639! 3,413! 1,665! 500! 369! 1761 ! 1 1 ! f !

7,045! 1 lt}60! 1 2,2661 2,610! 1,3411 3811 3011 146! 1 ! 1 ! 1 ! 604! 1 5231 I 373! 1 331 ! 851 1 42! 1

1
2,9911 2,869! It791| 473! 381! 2601

.

(1) (2) (3)

NET CHANGES FOR ALL MONTHS EQUAL EXTENSIONS MINUS LIQUIDATIONS (REPAYMENTS, CHARGEOFFS, AND OTHER CRE0ITS1. EXCLUOES 30-DAY CHARGE CREDIT HELD BY RETAILERS, GASOLINE COMPANIES, AND TRAVEL AND ENTERTAINMENT COMPANIES. MUTUAL SAVINGS BANKS, SAVINGS AND LOAN ASSOCIATIONS, ANO AUTO DEALERS. NOTE: S.A. AND N.S.A. DENOTE SEASONALLY ADJUSTED AND NOT SEASONALLY ADJUSTED DATA, RESPECTIVELY. DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOTE

The consumer instalment credit 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. 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. The two quarterly reports include data for noninstalment credit. 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 data also appear in the Federal Reserve's Annual Statistical Digest. Finally, a semi-annual 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

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