MADISON, Wis.–The economic forecast for the fourth quarter of 2017 and all of 2018 have been increased by CUNA’s economists.
Mike Schenk, CUNA’s vice president, research and policy analysis, called the September jobs report showing a decrease of 33,000 jobs an anomaly resulting from Hurricanes Harvey and Irma, adding that the hurricanes will ultimately drive new growth in the economy as the result of reconstruction. He said CUNA is increasing its forecast for economic growth by a quarter point.
He further predicted the Fed will increase rates by a quarter-point when it meets in December, and that CUNA’s economists expect the Fed will do so again “two or three times” in 2018.
“Overall, credit unions are on track for double-digit loan growth and membership growth of more than 4% in 2017,” he said.