Page 9 - US Market Performance Report 1Q 2018

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Real per capita consumption has increased faster than real per capita personal disposable income since 2015. Real per capita interest payments on consumer loans (excludes mortgages) have grown faster than real per capita wages since 2015.
At 25.8% in April 2018, the consumer debt to disposable income ratio was near the peak 26.2% level reached in December 2017. The Federal Reserve reports the average car loan term is now approximately 70 months. Clearly, the consumer is using leverage to improve debt affordability as the cost of money increases.
Avg. Real Per Capita Disposable Income
Real Per Capita Consumer Debt as % of Avg. Income
Personal Savings Rate
Real per Capita Income
Annual Averages: 1960 through 2018 in Current $'s
SOURCES: BUREAU OF ECONOMIC ANALYSIS, US FEDERAL RESERVE, US CENSUS
$50,000 $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000
$5,000 $0
1980's
1990's
2000's
50% 2010's 45%
40% 35% 30% 25% 20% 15% 10% 5% 0%
1960's
1970's
60 70 80 90 00 10
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