While the state's jobless rate is still high, it declined nearly a percentage point in the second quarter and 1.3% since the start of the year, according to the CCUL.

Another sign that the state's economy is improving is that home prices have increased by 5% in the first quarter and by 17% in the year ending in March, the most recent data available for the Federal Housing Finance Agency purchase-only index.

What's more, statewide personal bankruptcy filings declined by 26% in the first half of the year compared to year-ago levels according to the Administrative Office of U.S. District Courts. California credit union borrower-bankruptcy filings declined even faster—by nearly 31%—in the same time period.

Despite the increased spending, the report found Californians continued to save. Credit union savings balances grew 3% in the first half and by 3.2 percent in the year ending June 2013. With historically low market interest rates consumers continue to focus on building short-term liquid accounts. The state's credit unions report regular savings account balances grew by 6.9%, while checking account balances increased by 5.4% and money market accounts edged up by 1.4% in the first half of the year, according to CCUL.

The CCUL report is compiled from credit unions representing 53% of all federally insured credit unions that collectively serve 96% of the members and manage 98% of the assets.