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.
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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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