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CU System
Hampel to IN.Y. TimesI Braking economy lowers prices
NEW YORK (12/16/08)--With retail prices in November falling at their fastest rate on record, a Credit Union National Association (CUNA) economist told The New York Times Tuesday the economy has experienced an unprecedented slowdown in the past few months. “I’ve never seen the economy slam on the brakes as much as it has in the last three months,” Bill Hampel, CUNA chief economist, told the newspaper. “And as the tires are squeaking on the pavement, that’s pulling prices down too.” With oil prices falling, and retailers cutting prices to get business back from worried consumers, retail prices tumbled last month, analysts told the paper The drops in consumer prices piggyback reports of a downward trend in the wholesale sector of the economy, analysts added. The Labor Department last week said the price of finished goods dropped 2.2% in November--the fourth straight month of declines, the paper reported.
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