Magazine article Mortgage Banking

Banker Confidence Drops for Economy in 2006

Magazine article Mortgage Banking

Banker Confidence Drops for Economy in 2006

Article excerpt

A significantly larger number of bankers have dramatically lowered their positive expectations about the national economy and for the business of banking in 2006 compared with their outlook a year ago, according to a survey by Chicago-based Grant Thornton LLP.

Some 35 percent of bankers said they were optimistic about the state of the national economy for 2006, compared with 68 percent in 2005, while banker confidence in the banking industry dropped to 38 percent this year from 73 percent last year, noted Grant Thornton LLP's 13th Annual Survey of Bank Executives.

Almost half, or 44 percent, said they believed the devastation caused by Hurricanes Katrina and Rita will have a long-term impact on the U.S. economy, while 17 percent felt that the retirement of Federal Reserve Chairman Alan Greenspan will have a negative impact on the economy.

"There are definitely more bankers sitting on the fence this year when it comes to the state of the national economy," said John Ziegelbauer, national managing partner of Grant Thornton's financial institutions industry practice. …

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