Skip to main content

The June jobs report was a solid one, says NAFCU's Curt Long

WASHINGTON—The new employment numbers released last week, which showed a surge in hiring, are being described as “solid” by one economist.

Curt Long
The Bureau of Labor Statistics reported non-farm payrolls increased by 850,000 in June, and the unemployment rate rose slightly to 5.9%. Of note, May's number was revised up slightly to a gain of 583,000.

"The June jobs report was a solid one, in line with expectations," said NAFCU Chief Economist and Vice President of Research Curt Long. “Monthly growth was the strongest since last summer's reopening, but a significant portion of the gain came from education payrolls as fewer teachers left their jobs at the end of the school year. While those positions add to the job gain totals, they do not affect the number of employed workers, which is one source of the discrepancy between strong job growth last month and an unemployment rate that failed to budge.”

Average hourly earnings rose 10 cents in June. Year-over-year wage growth was 3.6%. The labor force participation rate was unchanged at 61.6%, which is still down significantly from 63.3% in February 2020.

Leisure & Hospitality Again Leads

Results among the major industries was mostly positive. Leisure and hospitality gained 343,000 jobs, followed by 188,000 gained in government, mostly driven by teacher hiring, and a gain of 72,000 jobs in professional and business services.

"Leisure and hospitality also posted another strong gain, which was to be expected with broader reopening of in-person services. Average hours worked remains elevated but has now ticked down for two consecutive months, so perhaps some of the staffing shortages are beginning to abate," concluded Long. "Progress is happening but it remains slower than the optimists had hoped. With inflation fears beginning to subside, Federal Reserve officials are likely to emphasize that it will be a long road ahead before it considers tightening policy."

Comments

Popular posts from this blog

Update: First Responder Credit Unions Academy (FRCUA) Udates

In an ongoing effort to keep your FRCUA education current, modules are continually updated to reflect current NCUA and other regulatory agency requirements. As an example, BSA 26 now includes  Artificial Intelligence and BSA,  Elder Financial Exploitation,  Pig Butchering & BSA, and Executive Order –  Free and Fair Banking.

Mortgage Rates Tick Down

MCLEAN, Va.--Mortgage rates moved slightly lower this week, with the 30-year fixed-rate mortgage averaging 6.56%, Freddie Mac reported. “Mortgage rates are at a 10-month low,” said Sam Khater, Freddie Mac’s chief economist. “Purchase demand continues to rise on the back of lower rates and solid economic growth. Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market.” The 30-year FRM averaged 6.56% as of Aug. 28, down from last week when it averaged 6.58%. A year ago at this time, the 30-year FRM averaged 6.35%. The 15-year FRM averaged 5.69%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 5.51%, Freddie Mac said. ____________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board

SIGN UP FOR YOUR CUSTOM HEALTH INSURANCE SOLUTION TODAY

 https://bizu65.allstatehealth.com/?password=demo ____________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board

Wendelville Fire Chief Andrew Pilecki re-elected to FASNY board

Andrew Pilecki, the current fire chief of Wendelville Volunteer Fire Company, has been re-elected to the board of directors of the Firefighters Association of the State of New York. Pilecki has been a member of the fire service for more than four decades, including the past 22 years as a responder with the Wendelville company. Previously he was an active member of Columbia Hook and Ladder Co. He’s also a former assistant director of emergency management for the City of North Tonawanda. FASNY directors serve five-year terms of office. During his first term, Pilecki was instrumental in supporting the association’s pandemic response, championed fire company recruitment and retention efforts, and worked to amplify the needs of Western New York’s volunteer fire service at the state level, according to FASNY. “I’m honored to be re-elected and to continue advocating for the men and women who volunteer their time, risk their safety and serve their communities across the state,” Pilecki said. “...

Many CUs Likely to Face New Operating Challenges "Michael Moebs"

04/08/2024 09:04 pm By Ray Birch LAKE FOREST, Ill.—The trend lines don’t lie: Financial institutions charging high overdraft fees will likely face operating challenges in the near future and may even be forced to merge if they don’t follow the market trend of lowering their OD charge. Michael Moebs, economist and chairman of Moebs $ervices, is offering that forecast following his company’s new overdraft study, which has found overall net OD revenue for 2023 was down 5.7%, with banks dipping by 8.1% to $31.4 billion, thrifts falling by 28.6%. and credit unions actually increasing net revenue 2.2%. The study further reveals the m...