--- title: Is the economy on the brink? description: Learn about the latest economic trends impacting credit unions in America. Discover key insights on GDP growth, consumer spending, and credit union outlook for 2024. image: https://content.americascreditunions.org/hubfs/GAC_Econ.jpg --- [![AmericasCUs_Logo](https://content.americascreditunions.org/hs-fs/hubfs/AmericasCUs_Logo.webp?width=200&height=47&name=AmericasCUs_Logo.webp)AmericasCUs\_Logo](https://www.americascreditunions.org) Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. [![AmericasCUs_Logo](https://content.americascreditunions.org/hs-fs/hubfs/AmericasCUs_Logo.webp?width=200&height=47&name=AmericasCUs_Logo.webp)](https://www.americascreditunions.org) Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu [Blog Search](https://content.americascreditunions.org/en/topics-of-interest) > [Credit Union Operations](https://content.americascreditunions.org/en/topics-of-interest/tag/credit-union-operations) # Is the economy on the brink? By [America's Credit Unions](https://content.americascreditunions.org/en/topics-of-interest/author/americas-credit-unions) / March 25, 2024 at 9:54 AM [Return to Blog](https://content.americascreditunions.org/en/topics-of-interest) ![Is the economy on the brink?](https://content.americascreditunions.org/hubfs/GAC_Econ.jpg) The latest America’s Credit Unions Economic Update was shared at the Government Affairs Conference earlier this month. These monthly updates are important for understanding what is happening in the economy at large, and the credit union industry, as well as what the latest data can mean for your credit union Grab the highlights below.  ### A look at the latest credit union data: - $22 billion in financial benefits for credit union members through lower fees, lower interest on loans, higher interest on savings accounts - According to the Consumer Pulse Survey  - **90%** of credit union members **are very sure they can get a low-cost loan** at a credit union - **89%** of credit union members say **a credit union has positively impacted their financial wellbeing** - Credit union members are 2 times more likely to say their credit union is in touch with and care about the local community ### The macro view: - GDP growth average for 2024 is projected to be lower than last year - The tightening of the labor market is expected to come yet this year  - The unemployment rate will tick up to 4.3% for the year but remain well below high levels as seen during the pandemic  - Wages increased more than total compensation last year, but the two are coming more in line with each other again this year - Wages also diverted widely for job switchers versus those who remained – but that gap is closing this year, showing pressure on employment costs is decreasing - Inflation has dropped from a high of 9% to 3.1% at the end of last year  ### Consumer Outlook: - Consumer spending grew 6% last year - Real personal consumption was 10% higher than pre-pandemic levels mostly dominated by personal service consumption - This was seen in healthcare, food and accommodation, and recreation - Rising wages driving consumption growth - Excess savings built up during the pandemic are nearly exhausted for the bottom 80% of income distribution - 17% of Americans are financially vulnerable in 2023, an increase of 2% from the year before  ### Credit Union Outlook: - Earnings outlook likely to drop to a 14-year low with an ROA of .50 - Share growth expected to be low - Delinquencies are rising but still well below traditional banks - Loan growth forecasted to see 4% growth in 2024  Understanding the economic data, and how it impacts your credit union, your products, and your members is important to success in your credit union career. Especially if you are working in credit union products. If you are new to the credit union industry and need to get up to speed on how financials work and relate to different areas, the [Financial Management School](https://hubs.li/Q02q0rcD0), coming up May 13-16, is a good place to start, with two tracks to accommodate your level of experience and expertise. You can watch [the full update on YouTube](https://www.youtube.com/watch?v=L917KRzSRmg). ## Related Posts ![Horizontal](https://content.americascreditunions.org/hs-fs/hubfs/Horizontal.png?width=315&height=74&name=Horizontal.png) Contact our Member Experience Team [800-356-9655](tel:8003569655) or [hello@americascreditunions.org](mailto:hello@americascreditunions.org) [![Instagram](https://content.americascreditunions.org/hs-fs/hubfs/LinkedIn.png?width=32&height=32&name=LinkedIn.png)](https://www.linkedin.com/company/americascreditunions/)![LinkedIn](https://content.americascreditunions.org/hs-fs/hubfs/Instagram.png?width=32&height=32&name=Instagram.png)[![Twitter](https://content.americascreditunions.org/hs-fs/hubfs/Twitter.png?width=32&height=32&name=Twitter.png)](https://twitter.com/AmericasCUs)[![Facebook](https://content.americascreditunions.org/hs-fs/hubfs/Facebook.png?width=32&height=32&name=Facebook.png)](https://www.facebook.com/AmericasCreditUnions) © America's Credit Unions 2026,  All rights reserved. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "America's Credit Unions", "url" : "https://content.americascreditunions.org/en/topics-of-interest/author/americas-credit-unions" }, "dateModified" : "2024-03-25T14:54:54.945Z", "datePublished" : "2024-03-25T14:54:54.000Z", "headline" : "Is the economy on the brink?", "image" : [ "https://content.americascreditunions.org/hubfs/GAC_Econ.jpg" ], "mainEntityOfPage" : { "@id" : "https://content.americascreditunions.org/en/topics-of-interest/is-the-economy-on-the-brink", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://content.americascreditunions.org/hubfs/Assets/Logos/Americas%20Credit%20Unions/ACU-3line-Purple-500x164.png" }, "name" : "Credit Union National Association" } } ```