Consumer credit data have been revised to incorporate the updated seasonal adjustment factors and a change in the estimation procedure for commercial banks that brings data for such institutions into alignment with Call Reports. In addition, some loans for light trucks had been included in the "other" consumer credit category and these have been reclassified as automobile loans. A diskette containing complete historical data for all series shown in this release is available from the Federal Reserve Board's Publication Section, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC, 20551, (202) 452 - 3245. G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 October 1997 December 5, 1997 Consumer credit outstanding grew at a 10-1/2 percent seasonally adjusted annual rate in October, following a downward-revised 1/2 percent increase in September. The pickup in October owed to an acceleration in automobile and revolving credit and a partial reversal of the September decline in other credits. Data included in this release have been revised to reflect technical changes in estimation procedures as well as more complete information and new seasonal factors. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 _______________________ _______________________________________________________________________________ Oct. r Nov. r Dec. r Jan. r Feb. r Mar. r Apr. r May r June r July r Aug. r Sept. r Oct. p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 6.7 2.2 0.4 10.0 5.7 1.9 9.0 3.3 2.2 3.8 6.1 0.6 10.5 Automobile 4.5 -2.9 6.0 3.3 1.2 -3.6 11.9 2.7 7.1 8.3 -2.2 5.6 12.5 Revolving 13.1 10.7 10.3 14.7 9.4 0.5 6.9 4.6 4.2 9.3 7.9 5.8 8.1 Other 3 -0.8 -5.2 -23.6 11.1 5.3 11.9 8.6 1.9 -7.9 -11.9 14.0 -15.2 12.0 Amount: billions of dollars Total 1,177.3 1,179.5 1,179.9 1,189.7 1,195.4 1,197.3 1,206.2 1,209.5 1,211.7 1,215.6 1,221.7 1,222.4 1,233.1 Automobile 391.4 390.4 392.4 393.4 393.8 392.6 396.5 397.5 399.8 402.6 401.9 403.7 407.9 Revolving 490.6 495.0 499.2 505.3 509.3 509.5 512.4 514.3 516.2 520.2 523.6 526.2 529.7 Other 3 295.4 294.1 288.3 291.0 292.3 295.2 297.3 297.7 295.8 292.8 296.3 292.5 295.5 --------------------------------------------------------------------------------------------------------------------------------------- TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 4 Percent except as noted: not seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- Institution, terms, and type of loan --------------------------------------------------------------------------------------------------------------------------------------- Commercial banks Interest rates 48-mo. new car n.a. 9.03 n.a. n.a. 8.92 n.a. n.a. 9.20 n.a. n.a. 8.99 n.a. n.a. 24-mo. personal n.a. 13.62 n.a. n.a. 13.46 n.a. n.a. 13.81 n.a. n.a. 13.84 n.a. n.a. Credit card plan All accounts n.a. 15.62 n.a. n.a. 15.88 n.a. n.a. 15.75 n.a. n.a. 15.78 n.a. n.a. Accounts assessed interest n.a. 15.52 n.a. n.a. 15.13 n.a. n.a. 15.72 n.a. n.a. 15.79 n.a. n.a. New car loans at auto finance companies Interest rates 10.40 10.31 8.60 7.17 7.44 8.08 8.56 7.80 7.64 6.71 5.93 6.12 7.27 Maturity (months) 52.5 52.3 52.3 55.1 54.6 53.5 52.8 53.2 53.3 54.6 55.5 55.4 54.4 Loan-to-value ratio 89 90 90 92 92 90 91 93 93 94 93 93 92 Amount financed (dollars) 17,435 17,719 17,670 17,090 16,837 17,198 17,620 18,060 18,171 18,281 18,329 18,520 18,779 --------------------------------------------------------------------------------------------------------------------------------------- This release is issued around the fifth business day of each month. The exact date and time may be obtained by calling (202) 452 - 3206. Footnotes appear on reverse. 1 CONSUMER CREDIT OUTSTANDING (Billions of dollars) Not seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 _______________________ _______________________________________________________________________________ Oct. r Nov. r Dec. r Jan. r Feb. r Mar. r Apr. r May r June r July r Aug. r Sept. r Oct. p --------------------------------------------------------------------------------------------------------------------------------------- Total 1,176.8 1,186.6 1,211.6 1,199.6 1,190.5 1,186.4 1,195.6 1,199.3 1,205.0 1,208.7 1,220.1 1,225.2 1,232.6 Major holders Commercial banks 517.9 520.0 526.8 521.4 512.9 504.3 510.3 511.6 510.7 514.5 516.2 507.5 507.2 Finance companies 151.4 151.0 152.4 153.5 153.3 153.8 152.7 154.9 156.7 156.4 157.2 158.4 156.6 Credit unions 143.0 143.3 144.1 144.2 143.4 143.9 145.6 146.7 147.6 149.0 149.8 150.7 151.4 Savings institutions 44.9 44.8 44.7 45.1 45.5 45.9 46.1 46.3 46.5 46.7 47.4 47.1 47.3 Nonfinancial business 68.0 69.8 77.7 73.6 70.6 70.0 69.3 67.7 68.0 67.6 68.6 68.5 68.4 Pools of securitized assets 5 251.7 257.8 265.8 261.8 264.8 268.5 271.6 272.1 275.6 274.6 281.0 293.0 301.6 Major types of credit 6 Automobile 395.7 394.5 395.6 391.8 389.8 388.9 391.9 393.8 399.6 403.0 404.4 407.3 412.4 Commercial banks 157.8 157.8 157.0 156.1 155.0 153.7 154.2 155.2 156.0 157.8 158.5 157.2 158.3 Finance companies 88.0 87.6 86.7 86.8 87.1 85.8 83.2 85.1 87.0 88.3 88.4 88.5 86.8 Pools of securitized assets 5 49.2 48.7 51.7 48.8 47.5 48.7 52.8 50.8 53.0 52.7 52.4 55.4 60.1 Revolving 487.5 497.8 522.9 513.5 508.6 503.8 505.8 509.6 511.4 515.0 520.7 524.1 526.4 Commercial banks 215.0 217.9 228.6 223.2 215.8 207.3 209.3 212.8 213.3 219.0 217.5 209.3 208.9 Finance companies 29.6 29.9 32.5 32.3 32.2 34.1 35.1 35.2 34.9 33.5 33.5 34.9 34.5 Nonfinancial business 38.1 39.3 44.9 41.9 39.8 39.4 39.0 37.1 37.3 36.8 37.6 37.7 37.5 Pools of securitized assets 5 178.6 184.0 188.7 187.9 192.3 194.5 193.8 195.8 196.8 196.5 202.4 212.4 215.7 Other 293.6 294.3 293.1 294.3 292.0 293.7 297.8 295.9 294.0 290.6 295.0 293.9 293.7 Commercial banks 145.1 144.2 141.1 142.1 142.2 143.3 146.8 143.6 141.4 137.7 140.2 141.0 140.0 Finance companies 33.8 33.6 33.2 34.4 34.0 34.0 34.3 34.7 34.8 34.7 35.2 35.0 35.4 Nonfinancial business 29.8 30.5 32.8 31.7 30.8 30.5 30.4 30.7 30.7 30.8 31.0 30.8 30.9 Pools of securitized assets 5 23.9 25.1 25.4 25.1 24.9 25.3 24.9 25.5 25.8 25.4 26.1 25.1 25.8 --------------------------------------------------------------------------------------------------------------------------------------- 1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. 2. Percent changes calculated from unrounded data. 3. Comprises mobile home loans and all other loans not included in automobile or revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 4. Interest rates are annual percentage rates (APR) as specified by the Federal Reserve's Regulation Z. Interest rates for new-car loans and personal loans at commercial banks are simple unweighted averages of each bank's most common rate charged during the first calendar week of the middle month of each quarter. For credit card accounts, the rate for all accounts is the stated APR averaged across all credit card accounts at all reporting banks. The rate for accounts assessed interest is the annualized ratio of total finance charges at all reporting banks to the total average daily balances against which the finance charges were assessed (excludes accounts for which no finance charges were assessed). Finance company data are from the subsidiaries of the three major U.S. automobile manufacturers and are volume-weighted averages covering all loans of each type purchased during the month. 5. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators. 6. Includes estimates for holders that do not separately report consumer credit holding by type. r=revised. p=preliminary.