June jobs report provides ‘mixed signals’
New data from the Bureau of Labor Statistics revealed 209,000 jobs were added in June, with a decrease in the unemployment rate to 3.6 percent. NAFCU Chief Economist and Vice President of Research Curt Long breaks down the report in a new Macro Data Flash.
“The June jobs report was full of mixed signals. Job growth fell to its slowest pace since 2020, and downward revisions shaved over 100,000 jobs from prior estimates,” said Long. “Wage growth held firm at 0.4 percent, which will worry Fed officials. A rate hike later this month is almost assured, and at least one additional hike after that is highly likely.
“NAFCU will continue to monitor the economic environment to ensure credit unions are prepared to respond to their members' needs,” Long concluded.
Results among private sector industries were mixed. Education and health saw the largest gains (+73,000), followed by the public sector (+60,000). However, the retail sector shed 11,000 jobs.
Access more of NAFCU’s economic analyses online.
Add to Calendar 2023-11-30 09:00:00 2023-11-30 09:00:00 Safeguarding Credit Unions with Threat Intelligence Listen On: Key Takeaways: [1:01] What is threat intelligence, and why is it important to CUs? [2:14] What are threat intelligence feeds, and what role do they play in strengthening CUs? [4:41] Leveraging threat feeds and integrating intelligence into tools is crucial. [6:35] Learn what threat CUs should be most concerned about. [7:39] Phishing is ever-evolving, and user awareness is critical. [10:43] Learn how Defense Storm uses feeds to protect its customers. [13:28] Threat intelligence is not as complicated as some think; initiation can be easy through Slack, discussions, and a reporting culture. Web NAFCU email@example.com America/New_York public
Add to Calendar 2023-11-28 09:00:00 2023-11-28 09:00:00 Growing Creatively & Innovatively in 2024 Listen On: Key Takeaways: [0:58] What can credit unions do to best prepare themselves for 2024? [2:12] Although he sees a glimmer of hope, Jack points out that the liquidity crisis and slow prepayment speeds hamper rapid recovery. [5:22] We discuss how credit unions seek low loan growth through member-centric strategies such as second mortgages and home improvement lending. [7:34] Credit unions are leveraging advancing technology for member-focused engagement. [9:31] How will technology continue to evolve and affect credit unions? [11:43] What role does AI play in innovative growth? [14:14] Credit unions adopt technology for efficiency, enabling staff to focus on personalized member interactions, especially with younger generations. [17:14] Closing thoughts, emphasizing competition against banks and fintech for younger generations. Web NAFCU firstname.lastname@example.org America/New_York public
Get daily updates.
Subscribe to NAFCU today.