Newsroom
February 05, 2016
Labor market improving, says NAFCU's Long
Meaningful improvements in the employment participation rate over the past six months suggest that "sidelined workers are being brought back into the labor pool," NAFCU's Curt Long said, quoted in MarketWatch for a piece on Friday's jobs report.
Long, NAFCU's chief economist and director of research, said the data shows the labor market is "drawing near to full employment," The Business Journals reported.
The data, from the Bureau of Labor Statistics, is reviewed in a NAFCU Macro Data Flash report sent to members Friday.
The data shows non-farm payrolls in January rose by 151,000 as 502,000 workers joined the labor force – marking the strongest month since January 2015 – but still down from recent months. For example, Long said, the labor market averaged 279,000 in job gains in the fourth quarter of 2015.
The unemployment rate in January fell to 4.9 percent. December's employment numbers were revised downward by 30,000 to 262,000, while November's were revised upward by 28,000 to 280,000.
"Among prime-age workers, labor force participation is up 0.6 percentage points in December and January, which ties for the strongest two-month growth since the onset of the recession," Long said. "Wage growth remains stuck at 2.5 percent, which is low by historical standards but still comfortably above inflation. Overall, the labor market appears to still be tightening and may be approaching full employment."
Average hourly earnings rose by 12 cents to $25.39 in January.
With this report being a mixed bag, Long said it should not weigh on the Fed's rate decision in March.
Long was also quoted in Bankrate and Housing Wire on Friday.
Long, NAFCU's chief economist and director of research, said the data shows the labor market is "drawing near to full employment," The Business Journals reported.
The data, from the Bureau of Labor Statistics, is reviewed in a NAFCU Macro Data Flash report sent to members Friday.
The data shows non-farm payrolls in January rose by 151,000 as 502,000 workers joined the labor force – marking the strongest month since January 2015 – but still down from recent months. For example, Long said, the labor market averaged 279,000 in job gains in the fourth quarter of 2015.
The unemployment rate in January fell to 4.9 percent. December's employment numbers were revised downward by 30,000 to 262,000, while November's were revised upward by 28,000 to 280,000.
"Among prime-age workers, labor force participation is up 0.6 percentage points in December and January, which ties for the strongest two-month growth since the onset of the recession," Long said. "Wage growth remains stuck at 2.5 percent, which is low by historical standards but still comfortably above inflation. Overall, the labor market appears to still be tightening and may be approaching full employment."
Average hourly earnings rose by 12 cents to $25.39 in January.
With this report being a mixed bag, Long said it should not weigh on the Fed's rate decision in March.
Long was also quoted in Bankrate and Housing Wire on Friday.
Share This
Related Resources
Add to Calendar 2024-05-07 14:00:00 2024-05-07 14:00:00 BSA Training for the Board of Directors This webinar, BSA Training for the Board of Directors provides vital training with a comprehensive overview of the Bank Secrecy Act (BSA), anti-money laundering (AML) and combatting the financing of terrorism (CFT) compliance requirements. You’ll explore the ramifications of non-compliance and gain insights into the expectations and requirements set forth by the National Credit Union Administration (NCUA). This includes discovering how board engagement plays a pivotal role in fostering a robust BSA/AML compliance program within your credit union. Don’t miss this opportunity to equip your board with the knowledge and insights needed to navigate the regulatory landscape effectively. Key Takeaways Identify BSA/AML compliance requirements Review board member duties as it relates to BSA/AML compliance Examine current regulatory actions that may impact your credit union 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 May 2, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board members Board chairs and vice chairs Supervisory committee members Presidents/CEOs Executive assistants Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar NCBSOs will recieve 1.0 CEUs for participating in this webinar NCVEs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
BSA Training for the Board of Directors
Credits: NCCO, NCBSO, NCRM, NCVE
Webinar
Add to Calendar 2024-05-06 14:00:00 2024-05-06 14:00:00 Overview of Regulation CC Join us for this webinar, Overview of Regulation CC, and you’ll delve into the intricacies of the Expedited Funds Availability Act and Regulation CC. This includes gaining invaluable insights on effectively implementing funds availability requirements, navigating the process of placing holds on deposited items and crafting comprehensive disclosures for your members. Don't miss this opportunity to enhance your understanding of regulatory compliance in the financial landscape. Key Takeaways Know the funds availability requirements Learn what must be included in disclosures Comprehend extended holds 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 April 18, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Overview of Regulation CC
Credits: NCCO, NCRM
Webinar
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.