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

Unlocking the Power of Emeritus Board Positions in Credit Unions

  Explore how the Emeritus Board Position in credit unions honors long-serving members, offering them a chance to mentor new leaders while maintaining strategic influence without the responsibilities of active board roles.

Both Sides of The Desk!

With over 50 years of experience in the credit union sector, I have had the privilege of observing and participating in its evolution from various vantage points. My journey has taken me from serving as a dedicated volunteer holding critical leadership roles, including serving on the supervisory committee, as director, and as board chairman, culminating in my tenure as CEO for 12 years and now founder and President/CEO of the National Council of Firefighter Credit Unions . This extensive background has enabled me to " Sit On Both Sides Of The Desk ," blending operational expertise with strategic oversight. In this blog post, I want to share how this dual perspective has enriched my understanding of credit union dynamics and fostered more effective governance. By leveraging the insights gained from years spent navigating both the intricacies of daily operations and the broader strategic objectives, I have witnessed firsthand the transformative power of collaboration, communi...

How To Make Decisions With Conviction—Even Under Pressure

Why strong leaders act when others hesitate — and how to develop that confidence without needing every answer. I’ve watched smart, experienced leaders freeze. And I’ve been in that same position myself. It’s not because we lack information, but because we don’t feel ready to choose. Leaders often get stuck because they’re waiting for the perfect moment to act. They’re thinking through the consequences, weighing the trade-offs, trying to get it right. But the longer they wait, the harder it becomes to move at all. The truth is that the worst decision isn’t always the wrong one. It’s the one you never make. If you’re in a leadership role, you don’t always get the luxury of knowing. You have to move anyway. Not recklessly, not blindly, but with clarity, purpose and conviction. In high-pressure moments, the gap between average leaders and great ones gets exposed. It’s not a gap in intelligence or experience. It’s a gap in decisiveness. Because conviction doesn’t mean certainty—it means mak...

Live - Podcast Understanding The Importance P&L Statements

A Weekly Dose of Innovation for Credit Unions Serving First Responders Welcome to the NCOFCU Podcast: Your Weekly Dose of Innovation. Hosted by Grant Sheehan CCUE | CCUP | CEO, NCOFCU, this podcast is your definitive source for the latest news, insights, and trends in the first responder credit union world.

Fed Kicks Off Two-Days of Meetings Today as Critics, Proponents Respond to Rate Increases; Plus, What CUs Should Expect

CUToday WASHINGTON–The Federal Reserve’s Open Market Committee (FOMC) will kick off two days of meetings today and the decision they announce tomorrow will affect everything from the major U.S. markets to credit unions that are seeing strong loan growth to individual credit union members struggling with monthly bills. The FOMC is widely expected to again raise its benchmark rate as it seeks to cool raging inflation. Among those expecting rates to be higher by Wednesday afternoon is CUNA’s chief economist, Mike Schenk, who expects the Fed will push up rates by 75 basis points. That follows the full one percentage point increase made during the Fed’s July meeting. “That’s pretty substantial, but inflation is over 9%,” said Schenk...