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Credit Union and Economic Reports
The Credit Union Trends Report and Economic Report provide a review and analysis of recent credit union financial performance and operational results in the context of recent economic activity. Data and analysis are provided to establish standards against which credit unions' own performance can be compared.
Credit Union Trends Report
The Credit Union Trends Report is a monthly "pulse check" on the state of the credit union marketplace, often placed in a historical context. The report includes data from two months prior and is published and distributed by Steven Rick from TruStage™.
February 2024
- The personal savings rates averaged only 4.5% in 2023, below the 6% long run average, creating a headwind for credit union deposit growth.
- Real home prices rose only 1% in 2023, the second year of a home price downcycle.
- Household debt burdens, as measured by residential mortgages and consumer credit as a percentage of disposable personal income, fell to 88.1% in the third quarter of 2023, down from 91.7% in the third quarter of 2022.
- The housing market closed 2023 on a weaker note as existing home sales fell 1% to a 3.78 million seasonally adjusted annual rate in December from November and fell 6% from December 2022.
View Trends Report Executive Summary
Past reports
January 2024
For the first time in many years, small credit unions reported faster loan growth than larger credit unions because of their greater liquidity.
View Trends ReportDecember 2023
The core PCE deflator, which excludes food and energy prices and is the Federal Reserve’s preferred inflation gauge, rose only 0.1% in November and 3.2% during the last 12 months.
View Trends ReportEconomic report
February 2024
- The U.S. economy grew 2.5% in 2023 and is expected to grow 1.5% in 2024.
- The unemployment rate remained at a very low 3.7% in January, below the 4.5% considered to be full employment.
- Average hourly earnings rose 4.5% during the last year, above the Federal Reserve’s target of 3.5%.
- The credit union loan-to-asset ratio rose to 71.3% in December, from 69.5% one year ago.
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