NAFCU Expects Consumer Spending ToContinue To Thrive

ARLINGTON, Va. - (11/12/04) The Federal Reserve’s decision toraise rates likely won’t have a major impact on consumerlending and spending activity, according to NAFCU Economist JeffTaylor. “The retail sales numbers will be out later thisweek, and they’re expected to be pretty good,” he said.“And I think we’re in for a relatively strong holidayshopping season, so I don’t think the Fed action will have asignificant impact on lending.” While consumer confidencenumbers have been all over the map, consumer spending has beenpretty consistent, Taylor suggested. “I think if you have ajob, and you’re confident that you’re going to keepthat job, then you’re going to keep spending,” hesaid.