MADISON, Wis. – Growth in both savings and loans declined last month, according to CUNA, adding to fears of a slowdown in the overall economy.
Savings declined by 0.5%, with $3.3 billion of credit union funds walking out the door. Regular shares, share drafts and money market accounts all fell last month. Loan growth also slowed, to just 0.6%, from 1.3% in August.
For the first three quarters of the year, loan growth is 5.4%, down from 6.6%, for the same period; while savings growth is up slightly, 4%, compared to 3% for the first nine months last year.
CUNA also reported a slight uptick in delinquency, with the average ratio moving to 0.77%, from 0.73% in August.
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