WASHINGTON — Even without the “payroll effect,” May savings came in strong and in line with CUNA's forecast, Chief Economist Bill Hampel said.
May savings growth reached 0.5%, the strongest since 2003 or 2004, he said. Hampel added, “May ended on a Thursday, which means the payroll effects were not yet into accounts until the next day.” Savings were up 4% through May, compared to 1.7% over the same period last year.
Loans have slowed as forecast, up just 0.8% in May and 1.9% year-to-date, according to CUNA's Monthly Credit Union Estimates. Loan growth was at 2.8% during the same period in 2006.
Capital remained strong at 11.4% and delinquencies sat at 0.7% for May.
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