Union Bank of California:
WHAT: Keitaro Matsuda, senior economist for Union Bank of California, today released his July 2007 Economic Report focusing on the United States economy. The report, titled "Will the Housing Slowdown Push the Economy into a Recession?" is part of a monthly series produced by Matsuda on the California, Pacific Northwest and U.S. economies. WHY: The July 2007 report discusses factors at play in the United States economy, including: -- Weak residential investment, which subtracted almost one percentage point from GDP growth in the first quarter of 2007. -- Stable employment growth in the construction sector. -- Home price appreciation, home equity and the wealth effect on consumer spending. WHO: Keitaro Matsuda has served as senior economist for Union Bank of California since 1997. He monitors economic trends and developments for Union Bank management and customers. Matsuda is also a member of the economic advisory committee of the American Bankers Association. Union Bank of California, the wholly owned subsidiary of UnionBanCal Corporation (NYSE:UB), provides a broad range of financial services to consumers, small businesses, middle market and large corporations. AVAILABILITY: The July 2007 Economic Report is available upon request. INTERVIEW: Keitaro Matsuda is available for interviews to share his insights about local, state and national economies. Please contact Katie Pandes to schedule an appointment.
Union Bank of California
Katie Pandes, 415-765-2617
katie.pandes@uboc.com
Sharon
Woodson-Bryant, 213-236-4145
sharonw.bryant@uboc.com