Outlook

Late last week I heard Tom Simpson's perspective on the economic outlook for the remainder of 2008 at a presentation he gave at UNCW. I thought I would pass along the top key points. 

• At present, output is likely contracting.
  
• For the year, output is likely to be flat to down.
  
• Recovery will begin later this year and pick up steam in 2009.
  
• Nonetheless, the level of output is likely to remain below potential through 2010.
  
• Slack should result in lower inflation.

Though challenges remain, I think Tom's key points show the economy will support credit unions looking to make strong impacts in their target markets, particularly with well-designed consumer loan programs.