NEW YORK -

In light of the economy developing what analysts called a “split personality,” the S&P/Experian Consumer Credit Default Indices showed the auto loan rate for January remained stable on a sequential comparison.

According to S&P Dow Jones Indices and Experian, the January auto loan default rate came in at 1.04 percent, just 1 basis point higher than the opening month of 2015.

Meanwhile, the composite rate, a comprehensive measure of changes in consumer credit defaults, stood at 0.96 percent in January, down 1 basis point from the previous month. A year earlier, the composite rate was 1.12 percent.

In other data through January, the bank card default rate increased 3 basis points, recording a default rate of 2.52 percent. The first mortgage rate also remained unchanged for January, reporting in at 0.84 percent.

Looking by geography, analysts noticed three of the five major cities saw their default rates increase during the month of January.

Los Angeles reported a default rate of 0.72 percent, up 7 basis points from the December default rate.

Chicago's default rate increased 2 basis points from December, reporting a 1.02 percent default rate in January.

Dallas reported a default rate of 1.11 percent in January, up 1 basis point from the prior month.

New York recorded a default rate of 1.04 percent for the second consecutive month.

Miami reported a default rate decrease of 27 basis points in January with a default rate of 1.17 percent.

“Nationally, consumer default rates were little changed in January,” said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.

“Bank card defaults rose from November to December and again to January, However, the series established a new low point in November and remains quite low compared to its recent history,” Blitzer continued.

“Moreover, the small decline in first mortgage defaults offset any damage in bank cards,” he added. “On a regional basis, the five cities noted in the release bounced around, but none appeared to be warning of future difficulties.”

After commenting about the latest data, Blitzer delved into other areas that could impact defaults.

“The economy is taking on something of a split personality. The financial markets are suffering falling prices and a lot of volatility so far in 2016,” Blitzer said.

“The stock market is down about 1 percent, interest rates remain extremely low despite the Fed’s action in December, and concerns about corporate earnings and credit are widespread,” he continued. “At the same time, home prices continue to climb, new homebuilding is rebounding and auto sales have been quite strong.

“The unemployment rate ticked down to 4.9 percent in January,” Blitzer went on to say. “Consumers do not appear to be overly worried about the stock market; their spending patterns haven't collapsed. Given further modest job growth and continued low inflation, there is no basis for near term worries over consumer spending.”