6.6M unemployment claims filed in first week of April; consumer sentiment plummets
The Labor Department's initial unemployment claims estimate for the first week of April increased to 6.6 million. Combined with the prior two weeks, total unemployment claims during that span represent over 10 percent of the labor force, though NAFCU Chief Economist and Vice President of Research Curt Long said this probably does not capture the true total of unemployed workers. Rather, the unemployment rate "now likely exceeds 15 percent," Long said.
In addition, the University of Michigan Surveys of Consumers, conducted March 25-April 7, found the biggest one-month drop in the consumer sentiment index in history from 89 to 71. This represents a month-over-month change of 20.3 percent and takes the consumer sentiment index down to levels last seen in 2011.
“Consumers need to be prepared for a longer and deeper recession rather than the now discredited message that pent-up demand will spark a quick, robust, and sustained economic recovery,” concluded Surveys of Consumers chief economist Richard Curtin.
For more on NAFCU's award-winning research team, check out the association's Macro Data Flash reports for insights into interest rates, auto sales, the home market and the overall economy amidst the coronavirus pandemic.
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Strategic Resource Management
Add to Calendar 2021-01-14 14:00:00 2021-01-14 14:00:00 HMDA Fundamentals & Advanced Topics for Accurate Reporting Learn essential HMDA points that will aide both beginners and experienced HMDA personnel in quickly and accurately determining the reportability of transactions and the correct completion of specific HMDA fields. It is easy to get lost in the nuances of the Home Mortgage Disclosure Act. This webinar will cut through the haze and share crucial information for a strong HMDA program, including where to locate the guidance. Topics Covered Revised mandatory reporting and partial exemption thresholds. Defining an application for HMDA. Covered and excluded dwellings including mixed use properties. Excluded transactions including all about temporary financing. Conditional versus final approvals. Special rules for early decisions with missing information. Key Takeaways Helpful hints for a full understanding of requirements and accurate decision making. Where to locate the various types of guidance available. Tips for establishing a solid HMDA program to enhance accuracy and ease testing and scrubbing. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until January 14, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Compliance Officers (NCCOs) Compliance Titles Risk Titles Education Credits NCRMs will receive 1.5 CEUs for participating in this webinar. NCCOs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Helpful hints for a full understanding of requirements and accurate decision making. Where to locate the various types of guidance available. Tips for establishing a solid HMDA program to enhance accuracy and ease testing and scrubbing. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics – Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCRM, NCCO, CPE
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