Credit Unions Produce at a High Rate in the 3rd Quarter

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.

 
 

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.

 

 

 

Dec. 16, 2002


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