NAFCU's Long on CUbroadcast: Unemployment claims expected to exceed 3M
Joining CUbroadcast this week, NAFCU Chief Economist and Vice President of Research Curt Long shared an economic update with viewers in light of the coronavirus outbreak.
With new unemployment claim figures set to be released tomorrow, Long said he expects the number “to be astronomical” compared to previously reported data. "The all-time high for first time unemployment claims in a given week is around 700,000, and [NAFCU Research is projecting this week's figure to] exceed 3 million," said Long.
"It is critical to keep as many small businesses going as we can," added Long. "[The recovery will take some time, and] if we can keep that small business base intact, there will be a lot of demand once the shelter in place restrictions are relaxed."
"[Right now,] this is about trying to help get households and businesses get from here to the other side in one piece," noted Long. "But it is important to remember what is most important here, and that is dealing with the health crisis."
To help credit unions understand the current economic situation due to the coronavirus, NAFCU Research recently developed a new brief for credit unions. Additionally, the March edition of the Economic & CU Monitor report – now available for download – includes an economic forecast from Long.
To view Long's full interview with CUbroadcast, click here.
Add to Calendar 2020-07-30 14:00:00 2020-07-30 14:00:00 NAFCU Roadshow: Issues Facing Alabama, Mississippi & Louisiana Credit Unions During COVID-19 Please join us on Thursday, July 30 at 2:00 p.m. ET (1:00 p.m. CST) as we host a special webinar for Alabama, Mississippi, and Louisiana-based credit unions. During the webinar, NAFCU EVP and COO Anthony Demangone will discuss what credit unions should expect in the coming months amid the COVID-19 pandemic and what NAFCU is doing to help credit unions during this difficult time. COVID-19 isn’t stopping NAFCU from what we do best; engaging with credit unions. PROGRAM UNDERWRITTEN BY Key Takeaways Review the Small Business Administration’s Paycheck Protection Program; Discuss regulatory relief; Learn more about what’s happening on your behalf in meetings with the NCUA and CFPB; Walk through market specific performance trends; And more! Note: The information in this webinar is tailored to Alabama, Mississippi, and Louisiana-based credit unions. Register Now For On-Demand AccessRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until July 30, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Alabama, Mississippi, and Louisiana-based credit unions Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. 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 email@example.com America/New_York public
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