Strong economic growth from earlier this year could be slowing, CUNA Senior Economist Dawit Kebede told Fox Business this week as new data indicates a slower job market and decreasing growth rate.

“There are indications that the strong economic growth we saw in the second quarter is slowing down," Kebede said. "We know this because of the decline in the consumer sentiment index amid concerns of the Delta variant and a slower job market.”

He also noted that the slowed growth could cause the Treasury Department to slow its plans to raise rates.

"The Federal Reserve will probably delay slowing its purchase of Treasury and mortgage-backed securities despite slight indications that the price increase in durable goods is transitory, as illustrated by the reduction in used car prices," Kebede said. "This is because we are far from maximum employment.”