CMG’s Rick: Economic expansion to continue

Credit unions can expect U.S. economic growth to remain above historical averages through the end of 2019, CUNA Mutual Group’s Director and Chief Economist Steven Rick told attendees at CUNA Mutual Group’s ninth annual Discovery Conference Thursday.

While the economy’s growth will likely retreat from its 3% pace in 2018, to 2.3% in 2019, the current economic expansion will become the longest in American history if it lasts through the end of 2019, Rick said.

“We continue to enjoy one of the most prosperous stretches of economic expansion in our country’s history, and this positive economic climate has greatly benefited credit unions,” said Rick. “Today, there are more job openings than unemployed people in this country, marking the first time that’s ever happened. Unemployment sits at about 4% now, and should fall as low as 3.4% in coming years–far below the expected long-term unemployment rate of 4.7%.”

 

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