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CU System
CUNAs Schenk quoted in IMarketWatchI on housing starts prices
MADISON, Wis. (12/17/08)--A Credit Union National Association (CUNA) economist was quoted in two separate MarketWatch stories Tuesday regarding lower numbers of U.S. housing starts, and a falling consumer price index. New housing starts fell 18.9% in November to a seasonally adjusted rate of 625,000--the lowest rate since 1959 when the Commerce Department started keeping such records, MarketWatch said. “The market needs to be clear,” Mike Schenk, CUNA senior economist, told the newspaper. “But this is bad news; it’ll be a painful process, and many more people will be out of work.” Also, U.S. consumer prices dropped in November at the fastest rate since 1932, due to declining prices of energy, commodities and airline fares during the month, the Labor Department reported Tuesday. “This is scary stuff,” Schenk told the paper. “We are teetering on the brink of a massive downward spiral. Deflation is a threat.”
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