Retail sales see record rebound in May
Total retail sales surged 17.7 percent in May, marking the biggest monthly jump on record and an impressive rebound from April. May's surprising recovery provides "more evidence that April was likely the bottom of the cycle," noted NAFCU Chief Economist and Vice President of Research Curt Long in a new NAFCU Macro Data Flash report.
"One large question remains: how important was fiscal stimulus," said Long. "Expanded unemployment benefits and one-time stimulus checks undoubtedly served to support May sales to some extent.
"If the impact was a large one, further improvement hinges on the continued support from Congress," Long added. "Regardless, the fact that a strong bounce back in economic activity occurred earlier than expected limits the long-term structural damage to the economy coming from shuttered businesses and long-term unemployment."
Year-over-year growth in retail sales was down 6.1 percent in May following a 20 percent dip in April. Control group sales decreased 5.7 percent from a year ago.
Results among the major retail segments also made an impressive recovery. Compared to last month, the clothing sector rebounded 188 percent, followed by the furniture sector (+89.7 percent), sporting good and hobby stores (+88.2 percent), and electronics stores (+50.5 percent). Long highlighted that despite the gains, most sectors are still well below their year-ago levels.
"There is still a large gap to fill in the economy, but the signs lately are undeniably positive," Long concluded.
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Board and Governance
Add to Calendar 2023-06-06 14:00:00 2023-06-06 14:00:00 Avoiding and Resolving Harassment Claims: A Primer for Board Members The #me-too movement may have receded from the front of public consciousness, but the need to prevent and resolve harassment claims remains a key function for any employer. As community-oriented organizations, credit unions more than most feel a responsibility for the well-being of their members, employees and volunteers. This webinar, Avoiding and Resolving Harassment Claims: A Primer for Board Members provides both an introduction to the subject for board members, as well as selected deep dives on particular issues of interest to credit union volunteer boards. Key Takeaways Learn to identify the hallmarks of a situation in which it is appropriate for the board to become involved, as opposed to permitting effective resolution through normal human resources procedures Recognize the breadth of current law governing harassment claims, including newly prominent protected categories, the nature and severity of conduct which may constitute harassment, and the fact that conduct that may not rise to the level of a state or federal law civil rights violation may still violate the credit union’s own internal policies, procedures, and ideals, and be subject to appropriate discipline and remedial action Discover appropriate oversight roles for board officers, committee members including supervisory committee members, and other Board members, particularly in the context of passing along a report or complaint of harassment or inappropriate conduct 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 June 6, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board of director titles NCVEs and volunteer titles HR titles Education Credits NCVEs will receive 1.0 CEUs for participating in this webinar Web NAFCU firstname.lastname@example.org America/New_York public
Avoiding and Resolving Harassment Claims: A Primer for Board Members
Add to Calendar 2023-06-06 09:00:00 2023-06-06 09:00:00 Fighting Fraud: The Role of Fraud Fusion Centers Listen On: Key Takeaways: [00:56] The concept of a Fraud Fusion Center is a collaboration among professional fraud fighters. Anyone that has been doing this for a while forms a network of trusted advisors and we all go to each other anytime we come across some new or complex case. [02:50] Scams have always been around but the emergence of AI has made them far more sophisticated than we have ever seen before. [05:55] Person-to-person payment apps like Zelle, Venmo, and CashApp are not protected like debit and credit cards. [08:30] Every single time that new technology comes out that makes our lives better, fraudsters will find a way to exploit it. The current state of cyber fraud points credit unions in a lose-lose situation. [20:04] By identifying the information at one credit union and getting it out to others they are getting ahead of these threats. [22:19] Fraud Fusion Centers are critical. Formalize it and make it happen. Web NAFCU email@example.com America/New_York public
Fighting Fraud: The Role of Fraud Fusion Centers
Security, Fraud, Risk Management
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Board and Governance
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