Here is the full Fed Reserve Release G.19. Remember, these consumer credit numbers don't include mortgages. The Great De-Leveraging continues on a seasonally adjusted and non-seasonally adjusted basis.
Consumer credit decreased at an annual rate of 6 percent in the third quarter of 2009. Revolving credit decreased at an annual rate of 10 percent, and nonrevolving credit decreased at an annual rate of 3-3/4 percent. In September, consumer credit decreased at an annual rate of 7-1/4 percent.
This is surprising because I thought Cash for Clunkers would increase non-revolving credit. But the level are still high. How long will this continue?
Here are the tables:
Here are the not seasonally numbers.
Bloomberg is calling this the longest series of declines on record. Check this quote:
Consumers are ratcheting back their purchases of goods and services made with credit cards as mounting job losses have made them very cautious about what the future holds,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, before the report.
Jobs. Jobs. Jobs.