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December 2023 Credit Union Trends Report from TruStage

Credit union productivity took a step back in 2023 as asset growth slowed or even declined for most credit unions, but credit unions have not cut staff in proportion to the drop in assets. The Credit Union Trends Report also includes:

  • 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.
  • Savings balances grew at a 1.6% seasonally adjusted annualized growth rate in October, above the 0.5% reported one year earlier but below the 7% long–run average.

The trends report includes data from the previous two months and is published and distributed by Steven Rick, Chief Economist from TruStage. You can review the November 2023 Credit Union Trends Report in its entirety here.

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