MADISON, Wis. — Credit unions witnessed a sustained slowing of economic activity in the third quarter and there's still uncertainty on whether consumer spending will decrease given the flux within the housing market.

Those are some of the findings from MEMBERS Capital Advisors' Economic and Market Outlook for Third Quarter 2006. With nearly $14 billion in assets under management, MEMBERS Capital is the registered investment advisor of CUNA Mutual Group.

The key question for the economy going forward is how much impact the implosion in the housing market will have on consumer spending, according to MEMBERS Capital. Economists are divided, with some predicting that households will start saving more to offset the negative "wealth effect" of declining home values and others expecting income gains to support consumer activity.

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