WASHINGTON — May savings came in strong even without the "payroll effect" and in line with CUNA's forecast, according to Chief Economist Bill Hampel.
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 to $645 billion, compared to 1.7% over the same period last year.
Money markets led the way at 1.9% growth in May with certificates coming in second at 1.1% growth. At the same time, share drafts were down 1.7%.
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