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In Slumping Economy, CUEG Adjusts Loan and Share Growth Forecasts 100 BP

The Credit Union Economics Group provided what it termed a "modestly pessimistic" forecast for the rest of the year and into 2008 due to the stalling housing market and rising energy prices.

By Sarah Snell Cooke | Updated on October 31, 2007

WASHINGTON — The Credit Union Economics Group provided what it termed a “modestly pessimistic” forecast for the rest of the year and into 2008 due to the stalling housing market and rising energy prices.

“We are clearly in a correction phase of this economic expansion,” CUNA Mutual Group Chief Economist Dave Colby said. “While our forecast does not indicate a recession in 2008, the chances of economic downturn have increased significantly over the past six months. I would put recession possibilities in the 35% to 40% range, and rising. Consumers are becoming decidedly more cautious with respect to big-ticket spending and taking on new debt obligations.”

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