The NCUA released its latest video in the agency’s free monthly economic update series. The November analysis features the latest economic trends and an in-depth discussion about the potential impact that recent events—particularly Hurricane Sandy—will have on credit unions.
“Overall, the economic statistics released over the past month have been modestly better,” said NCUA Chief Economist John Worth. “The economy is showing signs of solid economic and job growth which provide key support for credit union fundamentals going forward.”
The national labor market has seen a steady gain in jobs particularly within the last four months. Consumer confidence reached its highest levels in more than four years in October. Home prices also continued to show a steady and modest rise for most of the year. In the video, Worth additionally discusses the potential economic implications Hurricane Sandy will have on credit unions going forward. Credit unions with members directly impacted by the storm will likely experience an increase in loan delinquencies. However, Worth notes that as the recovery progresses there may be a modest boost to loan demand as homeowners and businesses replace damaged property.