Highlights from the Credit Union Trends Report
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- Credit union new-auto loan balances fell 0.1% in October, similar to the decline set in October 2023, and decreased 5.6% during the last year.
- Credit union savings balance growth returned to its 7% long run average.
- The annual contraction rate of the credit union industry, 3.3%, falls below its long run average of 3.5%.
- Year-to-date, credit union consumer installment credit fell 1.1%, significantly below the 4.2% gain reported through October in 2023.
Highlights from the Economic Report
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- The U.S. economy is expected to grow 2.4% in 2024, above the 2% natural economic growth rate.
- The unemployment rate fell to 4.1% in December, below the 4.5% considered full employment.
- The core consumer price index fell to 3.2% in December on a year over year pace from 3.3% in November, but still above the Federal Reserve’s 2% target.
- The U.S. money supply as measure by M2 rose 3.7% in the year ending in December, significantly below the 5.4% long run average.
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Highlights from the Credit Union Trends Report
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- Credit union loan-to-savings ratios expected to remain above 85% in 2025 for the third year in a row.
- Credit union used auto loan growth is the slowest on record, falling 3.9%.
- The OFHEO House Price Index rose 4.3% over the last year ending in the third quarter, above the 4.0% long run average.
- The credit union system’s equity-to-asset ratio rose to 9.7% in September, up from 9.6% in August and 8.7% in September 2023
Highlights from the Economic Report
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- The U.S. economy is expected to grow 2.4% in 2024 and 2.5% in 2025.
- The unemployment rate rose to 4.2% in November, still below the 4.5% considered full employment.
- The core personal consumption expenditure deflator rose to 2.8% on a year over year pace, above the Federal Reserve’s 2% target.
- The U.S. money supply as measure by M2 rose 3.0% in the year ending in October, significantly below the 5.4% long run average.
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Highlights from the Credit Union Trends Report
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- The average credit union member increased their total credit union deposits by $504 over the last year, from $13,420 in August 2023 to $13,942 in August 2024.
- Credit union loan growth expected to rise to 6% in 2025, from 3% in 2024.
- Credit union new auto loan balances fell 0.6% in August, below the 0.1% gain set in August 2023.
- Home prices rose 0.3% in August, according to the S&P Core Logic Case-Shiller Home Price Index and rose 4.2% year-over-year despite the worst housing affordability in almost 40 years.
Highlights from the Economic Report
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- The U.S. economy is expected to grow 2.4% in 2024 and 2% in 2025.
- The unemployment rate fell to 4.1% in September, below the 4.5% considered full employment.
- The core personal consumption expenditure deflator rose to 2.7% on a year over year pace, above the Federal Reserve’s 2% target.
- The U.S. money supply as measure by M2 rose 2.0% in the year ending in August, significantly below the 5.4% long run average.
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Highlights from the Credit Union Trends Report
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- The U.S. money supply increased $620 billion during the last year, boosting credit union deposit growth rates.
- Credit union loan growth slows to 3.8% during the last year due to high interest rates, tight liquidity and strong competition.
- Credit union new-auto loan balances fell 3.6% year to date, significantly below the 8% expected during a healthy labor market.
- Credit union first mortgage loan originations dropped 8.9% in the first half of 2024 compared to the first half of 2023.
Highlights from the Economic Report
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- The U.S. economy is expected to grow 2.4% in 2024 and 2% in 2025.
- The unemployment rate fell to 4.1% in September, below the 4.5% considered full employment.
- The core personal consumption expenditure deflator rose to 2.7% on a year over year pace, above the Federal Reserve’s 2% target.
- The U.S. money supply as measured by M2 rose 2.0% in the year ending in August, significantly below the 5.4% long run average.
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