ONTARIO, Calif.—New data has been released analyzing the behavior of the 11.2-million credit union members in California and 352,000 in Nevada. Released by the California and Nevada Credit Union leagues, theCalifornia Credit Union League’s 2nd Quarter Credit Union Trends Report has data on 321 credit unions, while the Nevada Credit Union League’s 2nd Quarter Credit Union Trends Report has information on 17 locally-based credit unions.
The loan-and-deposit trends reveal how consumers are “feeling” about spending money given each region’s current economic climate and the still-somewhat low interest rate environment, according to Dwight Johnston, chief economist for the California and Nevada Credit Union Leagues. But the continued fuel behind this fire is jobs and wages.
“The pace of job growth in California has slowed significantly this year compared to the prior five years, but this is actually a good sign,” Johnston said. “There are a record number of job openings, but businesses are having difficulty finding workers in a tight market. This in turn is leading to wage gains in California that are far outpacing the national growth rate.” He said California consumers are feeling “quite confident” about the future.
As for Nevada, Johnston added, “The job market has been very steady, and wages are growing slightly above the national average. Nevada consumers are also confident in the future. This is reflected in the stable housing market and the growth in auto lending taking place there.”