BY SARAH SNELL COOKE CU Times Senior Washington Reporter
WASHINGTON — With a slowing economy, the first thing to lose steam is the savings and then, potentially, lending.
NAFCU is forecasting that unemployment will end the year up around 5% and greater reliance on revolving credit in the near term. The group is also predicting 4% growth in installment credit, NAFCU Chief Economist Tun Wai said. He added that he agrees with the International Monetary Fund's assessment that the impact of the slow down of the U.S. economy on the global market is "rather mild." However, the IMF is keeping an eye on the housing slow down. "I agree with the IMF's assessment," he stated. "I don't think the possibility for recession is there yet although Mr. [former Federal Reserve Board Chairman Alan] Greenspan has made that point."
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