Baltimore Chapter Meeting Features a Look at the Economic Forecast and What it Means for Credit Unions and Their Members

CUNA's Senior Policy Analyst Samira Salem discussed what's expected to drive the economy and what's causing uncertainty.

Balt Chapter Jan 2019Nearly 50 credit union professionals attended the chapter meeting last night. They had the opportunity to network and find out from Salem where the economy is headed.

Salem pointed out that in 2019 the national economy experienced its 11th consecutive year of expansion, the longest run of GDP growth in modern U.S. history. While the economy continues to grow, Salem emphasized that it's at a slower pace. Factors causing concern include declining growth in manufacturing and business investment, slowing global growth, Brexit and geopolitics in the Middle East. Bright spots include the labor market, consumers, and the Federal Reserve‚Äôs accommodative policies. Whether a textbook recession occurs, Salem said credit unions should be prepared for a general slowdown in economic growth, a slowdown in loan growth, membership growth, a decrease in ROA, and other accompanying effects on credit union operations.