Newsroom

FOR IMMEDIATE RELEASE

Washington (August 4, 2017) - National Association of Federally-Insured Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement in response to the Labor Department's July employment report, released this morning.

"This was a solid jobs report overall. The unemployment rate dropped and the participation rate climbed," said Long. "Hourly wages grew by 9 cents, but year-over-year growth remained stuck at a modest 2.5 percent. As for the Fed, the path is clear to begin tapering the balance sheet in September, but NAFCU continues to believe that a December rate hike is unlikely unless inflation strengthens in the coming months."

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor @NAFCU on Twitter.

Jacqueline Ramsay
jramsay@nafcu.org