Worker productivity grew more than expected in the 3rd quarter
of 2002. The Labor Department reported that in the third quarter,
output per hour worked increased at an annual rate of 5.1% for businesses,
excluding farms. This increase in productivity, while signaling
an improvement in the economy, is largely due to an increase in
unemployment (6% as of November), as overall production remained
relatively stable with less manpower.
Credit unions had similar gains in productivity, but managed to
grow employment as well. Credit unions generated 3.1% more fee income
per employee contributing to their 5% increase in net income per
employee. These increases in productivity occurred while credit
unions grew total employment at an annual rate of 4.2% and still
managed to increase their assets/employee at an annual rate of 2.72%,
raising it to $2,788,036.
The table below lists the top 20 credit
unions based on net income per employee.