Newsroom
April unemployment rate skyrockets, breaks several all-time records
The unemployment rate skyrocketed to 14.7 percent, the largest month-over-month increase in the history of the series dating back to January 1948. Although historical data begins in 1948, NAFCU Chief Economist and Vice President of Research Curt Long said "the current crisis is likely to challenge even Depression-era estimates of joblessness, generally believed to have peaked at around 25 percent."
“[T]his report underestimates current levels of unemployment,” said Long in a new NAFCU Macro Data Flash report. “Individuals on furlough are supposed to report as temporarily unemployed, but many reported instead as being employed but absent from work. Without such reporting errors, the Bureau of Labor Statistics estimates that the unemployment rate would have been close to 20 percent.
“Furthermore, the survey was conducted three weeks ago, and millions more have filed for unemployment benefits since then,” noted Long.
Other insights from the report indicate negative results among the major industries, too. The leisure and hospitality sector shed 7.7 million jobs, followed by the education and health sector losing 2.5 million jobs. The professional and business services sector and the retail sector each lost 2.1 million jobs.
Average hourly earnings rose $1.34 in April to $29.96 over the time period, reflecting that job losses have disproportionately impacted lower-income workers.
“There is still hope that many of these job losses will prove temporary, but in order for that to happen, more support is needed for small businesses,” Long concluded.
Share This
Related Resources
Tie-Breaker Ideas for Director Elections
Board and Governance
Blog Post
Add to Calendar 2023-06-06 14:00:00 2023-06-06 14:00:00 Avoiding and Resolving Harassment Claims: A Primer for Board Members The #me-too movement may have receded from the front of public consciousness, but the need to prevent and resolve harassment claims remains a key function for any employer. As community-oriented organizations, credit unions more than most feel a responsibility for the well-being of their members, employees and volunteers. This webinar, Avoiding and Resolving Harassment Claims: A Primer for Board Members provides both an introduction to the subject for board members, as well as selected deep dives on particular issues of interest to credit union volunteer boards. Key Takeaways Learn to identify the hallmarks of a situation in which it is appropriate for the board to become involved, as opposed to permitting effective resolution through normal human resources procedures Recognize the breadth of current law governing harassment claims, including newly prominent protected categories, the nature and severity of conduct which may constitute harassment, and the fact that conduct that may not rise to the level of a state or federal law civil rights violation may still violate the credit union’s own internal policies, procedures, and ideals, and be subject to appropriate discipline and remedial action Discover appropriate oversight roles for board officers, committee members including supervisory committee members, and other Board members, particularly in the context of passing along a report or complaint of harassment or inappropriate conduct Register Now$295 Members | $395 Nonmembers (Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until June 6, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board of director titles NCVEs and volunteer titles HR titles Education Credits NCVEs will receive 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Avoiding and Resolving Harassment Claims: A Primer for Board Members
Credits: NCVE
Webinar
Add to Calendar 2023-06-06 09:00:00 2023-06-06 09:00:00 Fighting Fraud: The Role of Fraud Fusion Centers Listen On: Key Takeaways: [00:56] The concept of a Fraud Fusion Center is a collaboration among professional fraud fighters. Anyone that has been doing this for a while forms a network of trusted advisors and we all go to each other anytime we come across some new or complex case. [02:50] Scams have always been around but the emergence of AI has made them far more sophisticated than we have ever seen before. [05:55] Person-to-person payment apps like Zelle, Venmo, and CashApp are not protected like debit and credit cards. [08:30] Every single time that new technology comes out that makes our lives better, fraudsters will find a way to exploit it. The current state of cyber fraud points credit unions in a lose-lose situation. [20:04] By identifying the information at one credit union and getting it out to others they are getting ahead of these threats. [22:19] Fraud Fusion Centers are critical. Formalize it and make it happen. Web NAFCU digital@nafcu.org America/New_York public
Fighting Fraud: The Role of Fraud Fusion Centers
Security, Fraud, Risk Management
preferred partner
DefenseStorm
Podcast
The CFPB Announces Final Judgement Against Bank for Regulation Z Violations
Board and Governance
Blog Post
Get daily updates.
Subscribe to NAFCU today.