WASHINGTON (3/6/13)--The U.S. economy has been getting stronger during the past half year, a Credit Union National Association economist told Bloomberg on Monday.
"It's starting to happen," said Bill Hampel, CUNA chief economist. "There are people who want to lend, and people who want to borrow. It's been getting stronger in the past six months or so. It just takes time to get away from the level of fear we saw during the crisis."
Because consumers are finding it easier to borrow from financial institutions, they are boosting consumer spending and business investment, which in turn helps stoke employment at a time when federal government budget cuts take effect, Bloomberg said.
More access to low-cost financing will buoy auto and home sales--bolstering manufacturing and construction employment, Bloomberg added.
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