FOR IMMEDIATE RELEASE
June 3, 2022
Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement in response to the Labor Department’s May Employment Situation:
“Nonfarm employment increased in May, continuing large gains from previous months. The unemployment rate remains much closer to a pre-pandemic rate of 3.6%, which indicates strong consumer demand for goods and services despite the Federal Reserve starting to tighten its monetary policy.
“Labor force participation has increased slightly by 330,000 in May, but it is still significantly lower than pre-pandemic levels. The labor demand and supply imbalance is still a concern, particularly in areas where there are more vacant jobs available than unemployed people.
“The rate of hourly wage increase slowed down to an annualized rate of 3.6% in the previous two months. This lowers the inflationary pressure that could possibly come from a continued wage increase in a low labor supply environment and it reduces the probability of a wage-inflation spiral.”
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.