MADISON, Wis. — The Credit Union Economics Group looked into its crystal ball and saw reduced economic and lending growth for the coming year.
CUEG, a nationwide group of credit union economists and other executives, blamed the slower growth on less favorable employment conditions and a slowdown in housing and new vehicle sales. CUEG members have revised 2007 numbers downward each of the past three quarters.
"We see consumers working off excesses of the past few years and engaging in some degree of personal balance sheet repair in the coming months," CUNA Mutual Group Chief Economist Dave Colby said.
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