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.”
Add to Calendar 2021-04-20 14:00:00 2021-04-20 14:00:00 A Death in the Family: Working with Deceased Accounts Daniel Defoe was clearly correct when he noted that “nothing is certain but death and taxes.” Fortunately, credit unions don’t have many questions regarding taxes. Death, however, is another issue. Every credit union needs to make sure their operational processes are properly coordinated in the event of a member’s death. From the disposition of deposited funds to the collection of loan balances, is your credit union prepared? This webinar will review the essential elements of successfully navigating the credit union and the member’s family through the deceased member account process. Join industry veteran attorney David Reed as he takes you on a carefully coordinated tour of the process your credit union needs to master to ensure you are honoring the member’s requests, following applicable laws, and not putting the credit union at risk to pay a claim twice. Key Takeaways: Review account notations and declarations Gain a clear understanding of probate Discuss the impact on credit union deposit accounts and loans Walk through deceased account claims and remedies Register Now $295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until April 20, 2022Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Legal Staff Compliance staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs 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: Review account notations and declarations. Gain a clear understanding of probate. Discuss the impact on credit union deposit accounts and loans. Walk through deceased account claims and remedies. 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: Specialized Knowledge – Technical National Association of Federally-Insured 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: CPE, NCCO, NCRM
Add to Calendar 2021-04-20 14:00:00 2021-04-20 14:00:00 Driving Auto Loan Success: 3 Risk Challenges Credit Unions Are Facing About the Webinar The auto industry continues to show signs of growth and opportunity even through the pandemic. But new risks have also emerged in the last year. During this webinar we'll explore the latest trends and future prospects in the auto market, the risks you need to be aware of, and how to update your strategy for growth. We'll discuss how your credit union can get in the best position possible to monitor and mitigate future risk. Key Takeaways: How risk management changed in the face of a pandemic Strategies to anticipate and prepare for risk vulnerabilities and exposure Practical tactics for credit unions to implement in 2021 Watch the Webinar On-Demand Web NAFCU email@example.com America/New_York public
Add to Calendar 2021-04-19 14:00:00 2021-04-19 14:00:00 CU Insurance Agency Builds Record Non-Interest Income About the Webinar Join us for this panel discussion about how Michigan First’s Insurance Agency generates non-interest income well ahead of their original 5 year plan. Hear how their agency was built to increase member share and create barriers to competitive advantage. Watch the Webinar On-Demand Web NAFCU firstname.lastname@example.org America/New_York public
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