Carrier presents economic outlook for CUs
NAFCU's David Carrier (right) delivered an economic outlook for credit unions in a webcast for members Tuesday. Anthony Demangone, NAFCU's senior vice president and COO, facilitated.
Sept. 25, 2013 – NAFCU Chief Economist David Carrier, in a Quarterly Economic and Credit Union Outlook webcast for members, reiterated Tuesday that he’s not expecting the Federal Reserve Board to begin tapering asset purchases until they see higher payroll growth.
Carrier emphasized that although the unemployment rate is dropping, it’s due mostly to people leaving the work force. Employment growth is barely keeping up with population growth, and that’s not enough to sustain the recovery in the long run.
During a presentation and discussion lasting about 30 minutes, Carrier highlighted personal consumption expenditures as the being the primary driver behind the modest recovery. However, he said, “government expenditure has been consistently negative, and that’s acting as a significant drag on the recovery.” Meanwhile, Macro Data Flash reports showed that home sales and vehicle sales have been strong.
The data showed some particularly good news for credit unions. “Credit union mortgage originations have doubled since the housing bust,” Carrier said.
NAFCU Senior Vice President and Chief Operating Officer Anthony Demangone joined Tuesday’s webcast with questions for Carrier as he outlined the data from the last quarter. The data came from four NAFCU reports: the CU Performance Benchmark, CU Industry Trends, the Economic & CU Monitor and Macro Data Flash reports.
NAFCU members can request their own briefing from Carrier via webcast. The Quarterly Economic Outlook webcast will be available online, on-demand, for one year.
Economic update video