National Association of Federal Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement today in response to the Commerce Department’s initial estimate of third quarter GDP data.
“Economic activity increased in the third quarter even as consumers showed some caution,” said Long. Car sales have plateaued and election uncertainty may have caused some consumers to pull back. But given the strength of the labor market, the economy should continue along its present path of slow-but-steady growth. The Fed will be reassured, and NAFCU continues to expect a quarter-point rate hike in December.”