Can CUs Be a Beacon for Occupy Wall Street Protesters?
As citizen frustration continues as demonstrated by the growing Occupy Wall Street movement, credit unions may be presented with another chance to show how they can help middle-class Americans meet their financial needs.
CUNA Mutual Group Chief Economist Dave Colby offered that theory as protesters become more vocal over their aggravation with Wall Street firms and banks that they believe are the culprits behind the country’s financial woes. Others cite a lack of jobs and indifference from political leaders as reasons why an economic recovery has not gained sustained traction.
Geller said September’s MAI was adjusted to 98.4 in lieu of revised economic indicators from the U.S. Department of Commerce. Among them was the final revision of gross domestic product by the Bureau of Economic Analysis to an annual rate of 1.3% in the second quarter of 2011 from a previously estimated growth rate of 1.0%.
The increase in GDP in the second quarter primarily reflected positive contributions from nonresidential fixed investment, personal consumption expenditures exports and federal government spending, Geller explained. Additionally, there was a net upward revision of job creation over the prior two months of 99,000 jobs.