Source: Callahan & Associates
Latent effects from three rounds of stimulus payments translated to annual deposit growth of 14.9% in the second quarter of 2021. However, from the first quarter, share balances rose just 1.1%, down significantly from the 8.3% quarterly growth a year ago but nearly twice the average rate reported in the second quarter over the preceding three years. With direct federal and state benefit payments slowing and ceasing in the second quarter, it's evident that members across the country are still cautiously managing their finances and avoiding large purchases and investments. A new wave of COVID-related news further clouds the outlook for economic recovery moving forward with more to be revealed in the coming months.
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