Steve Rick – October 2024 Credit Union Trends Report

Highlights from the Credit Union Trends Report

        • 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

        • 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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