Newsroom
August jobs report 'disappoints'; unemployment edged up 4.4%
NAFCU Chief Economist and Vice President of Research Curt Long said Friday'sjobs report– with disappointing results showing only 156,000 jobs added in August – could alter the timing of the next interest rate hike.
"Job growth disappointed in August, with employment gains falling shy of expectations and downward revisions to prior months," said Long. "The unemployment rate ticked up even as growth in the labor force slowed. Wages increased by just 3 cents per hour. The labor market is still in fine shape, but this report will augment the arguments of those in the Fed who want to hold off on a rate hike until inflation strengthens. NAFCU continues to believe that the next rate hike will be in 2018."
The Federal Open Market Committee's next two-day monetary policy meeting is set for Sept. 19-20.
In other report data, the unemployment rate edged up to 4.4 percent in August as the labor force expanded 77,000 workers. Long was also quoted in MarketWatch.
Average hourly earnings rose 3 cents to $26.39 in August. Over the last 12 months, wages are up 2.5 percent. Since 2009, year-over-year wage growth has averaged just 2.2 percent.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.