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Credit Union Savings Continue to Climb Through May, Lending Up but Slowing

May savings came in strong even without the "payroll effect" and in line with CUNA's forecast, according to Chief Economist Bill Hampel.

By Staff Writer | Updated on July 10, 2007

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.

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