FOR IMMEDIATE RELEASE | October 06, 2017

NAFCU Chief Economist Curt Long Statement on September Jobs Report


Washington (October 6, 2017) - National Association of Federally-Insured Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement in response to the Labor Department's September employment report, released this morning.

"The lousy returns from the September jobs report will make little impression on observers, who essentially gave the labor market a free pass due to the impact of Hurricanes Harvey and Irma," said Long. "Both the 33,000 job decline and the rise in wage growth to a level which matches the highest point of the recovery will be downplayed, as many of the lost jobs were likely in low-wage areas. Restaurants accounted for over 100,000 job losses. This outlook likely extends to the Fed as well, as officials seem set on a December rate hike."

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor @NAFCU on Twitter.


Jacqueline Ramsay