Saturday, August 09, 2008

RBC reports that the US is Not out of the woods yet!

Not out of the woods yet!

Most news about the U.S. economy has tended to be on the strong side of
expectations, but one key item suggests that the economy is not out of the
woods yet. The April survey of senior loan officers at 56 domestic banks and 21
U.S. branches of foreign banks showed that lending standards continued to
tighten early in the second quarter. Fifty-five percent of respondents at domestic
banks indicated that their institutions had tightened lending standards for
commercial and industrial loans, up from 30% in January. This, historically, has
presaged a significant slowing in industrial production, spending on machinery
and equipment, and cuts to payrolls.


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

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