National Association of Federal Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement in response to the Commerce Department October retail sales report which reflected that retail sales edged up 0.1 percent last month after being unchanged in September.
“The relatively minimal growth in retail sales this quarter demonstrates continued weakness in this sector,” said Long. “One factor that has held back consumer spending has been weak income growth. While it is only one month, the October jobs report reflected acceleration on that front. Should that develop into a trend, it bodes well for retailers and credit unions alike.”
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.