Newsroom
March jobs report stronger than anticipated; NAFCU expects strong recovery in 2021
The Bureau of Labor Statistics revealed non-farm payrolls increased 916,000 in March, with the unemployment rate dipping to 6 percent. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.
“The March jobs report topped expectations as the unemployment rate fell to 6 percent,” said Long. “Gains were broad, extending beyond the hard-hit restaurant and retail sectors. The employment-to-population ratio among prime age workers improved by even more than the unemployment rate, as participation picked up.
“Despite the positive news, there remain 4.2 million workers that have been sidelined for more than six months, and there was only modest improvement last month among the 3.4 million workers on permanent job loss,” Long added.
Of note, the February non-farm payrolls rate was revised up significantly to a gain of 468,000.
Average hourly earnings fell 4 cents in March, with year-over-year growth at 4.2 percent. The labor force participation rate rose 0.1 percent to 61.5 percent, significantly down from 63.3 percent in February of 2020.
Results among the major industries were positive across the board. Leisure and hospitality gained 280,000 jobs, followed by 136,000 jobs in the government sector, construction (+110,00), and health care and health services sector (+101,000). Information technology lost 2,000 jobs followed by motor vehicle manufacturing (-1,000).
“The overall deficit is still enormous and achieving full employment remains a long way off,” concluded Long. “However, accelerating vaccine distribution, warmer weather, and fiscal stimulus are creating conditions for a strong recovery in 2021.”
Share This
Related Resources
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E 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 April 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.