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Flat Loan Growth Typical for January, but Savings Decrease 'Unusual'

Loans were flat in January, according to CUNA's monthly estimates, which is not unusual, but the 0.5% savings decrease for the month caught the eye of CUNA Chief Economist Bill Hampel.

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WASHINGTON — Loans were flat in January, according to CUNA’s monthly estimates, which is not unusual, but the 0.5% savings decrease for the month caught the eye of CUNA Chief Economist Bill Hampel.

Typically, on the lending side, he explained, “People rest up after the holiday spending season.” Hampel added, “Savings were off though, down by half a percent, which is a bit unusual. We usually have a little bit of strength in savings in the beginning of the year. One of the reasons for that was that the 31st of January was a Wednesday, so payday came afterwards.”

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