NAFCU statement on third quarter GDP growth
WASHINGTON, DC (November 28, 2018) — The National Association of Federally-Insured Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement after the Commerce Department released its second estimate of 3rd quarter GDP growth:
“Despite downward revisions to auto related purchases, consumer spending remained strong overall and is expected to lead growth in the fourth quarter. Early reports indicate robust retail sales between Thanksgiving and Cyber Monday. Business spending on structures and equipment were higher than initially thought. Nevertheless, third quarter nonresidential investment growth was still the slowest in nearly two years, in part due to growing trade concerns. Oil prices have also slumped lately, which could affect future investment in the energy sector. Overall, the economy remains on solid footing but headwinds are increasing,” said NAFCU Chief Economist Curt Long.
The National Association of Federally-Insured 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. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.