TruStage: Winter 2023 Report Available

The November 2023 Credit Union Trends Report is now available.

Highlights from the Credit Union Trends Report

• Members’ excess savings accumulated during the COVID-19 pandemic have been eliminated..
• Credit union loan-to-savings ratios are expected to reach a 44-year high in 2024.
• Credit union used-auto loan balances grew at a remarkably low 0.8% seasonally adjusted annualized growth rate in September, the slowest pace since 2006.

Highlights from the Economic Report

• The U.S. economy grew 5.2% during the third quarter, above the 2% long-run natural growth rate.
• The financial sector reported a 5.6% job openings rate, above the 3.5% long-run average.
• The U.S. money supply dropped 4.0% during the last 12 months.
• The credit union loan-to-asset ratio reached 71.6% in September, the highest since 2018.
• Home prices are up 2.8% during the last 12 months.
• The unemployment rate rose to 3.9% in October, from 3.8% in September.