Unemployment rate sees slowdown in July
The U.S. economy exceeded expectations by adding 1.8 million jobs in July. NAFCU Chief Economist and Vice President of Research Curt Long – in a new NAFCU Macro Data Flash report - credited the sharp slowdown to inaction on a new fiscal stimulus package and school closures.
"Prior months saw sharp increases in permanent job losses, but that was halted last month at a still-lofty 2.9 million," said Long. "Roughly 40 percent of the overall drop in employment from February to April has now been recovered, but that still leaves 15 million workers on the sidelines."
"It will take a long time to get back to those levels of employment, but the good news is that the labor market is demonstrating that it can continue to heal even at a time (mid-July) when COVID cases were growing," Long added.
Average hourly earnings rose 7 cents in July, driven by higher-wage workers returning to the job market. Of note, the May and June employment numbers were revised upward by 26,000 and downward by 9,000 jobs, respectively.
The labor force participation rate slipped to 61.4 percent, still significantly down from 63.4 percent in February. Leisure and hospitality continued to lead the way, recovering 592,000 jobs, followed by government (+301,000), retail trade (+258,300), and education and health services (+215,000).
"Consumer sentiment declined in July despite the job gains, and lower consumer demand will pose a more traditional headwind for the economy," Long concluded. "NAFCU expects job gains over the coming months to be positive but slower."
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Add to Calendar 2020-09-21 14:00:00 2020-09-21 14:00:00 Member Business Lending in Relation to COVID Impacting Loans Millions of lives and businesses have been changed by the COVID-19 pandemic. The lasting impacts of COVID-19 – both physically and economically – are still unknown, and the world continues to find ways to adjust in order to meet the difficulties caused by the disease head on. Credit unions have had to respond swiftly and thoughtfully to match the evolving needs of their communities and members, and other affected industries. Eviction moratoriums, payment deferrals, loan modifications and the birth of the Paycheck Protection Program and the terms of loan forgiveness, including the efficacy of these policies to date, are a few of the topics examined in this webinar. Key Takeaways Understand how COVID-19 has dramatically changed the world of commercial lending Examine how financial institutions have responded to the problems created or exacerbated by COVID-19 Review the key aspects of the Paycheck Protection Program under the CARES Act, and other available relief Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until September 21, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Chief Executive Officers (CEOs) Chief Lending Officers (CLOs) Lending, risk, marketing and business development 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: Understand how COVID-19 has dramatically changed the world of commercial lending. Examine how financial institutions have responded to the problems created or exacerbated by COVID-19. Review the key aspects of the Paycheck Protection Program under the CARES Act, and other available relief. 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: Finance - Technical National Association of Federal 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
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