CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » CUNA Research: Labor Market Too Strong for Fed
Press

CUNA Research: Labor Market Too Strong for Fed

October 7, 2022

FOR IMMEDIATE RELEASE   
October 7, 2022
Washington, D.C. 

Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement in response to the Labor Department’s September Employment Situation:  

“The U.S. economy added 263,000 jobs in September, lower than the year-to-date average of 420,000. However, the job market remained very strong with notable gains in several sectors and the unemployment rate declined from 3.7% to 3.5%.  

“The labor force participation rate declined slightly in September after showing signs of improvement in August. The labor supply is still 1.1 percentage points below pre-pandemic level and may not fully recover. Hiring demand is also cooling down. In August, job openings declined by 1.1 million. This implies that the number of jobs available per unemployed person declined from 2 to 1.7. This is a big imbalance in labor demand and supply.  

“A decline in hiring demand is good news for the Federal Reserve which is hoping to create some slack in the labor market. However, a lower unemployment rate is not a step in the right direction when the Federal Reserve is tightening monetary policy to cool an overheating economy.” 

###     

About CUNA:           
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.

CONTACT:          
Deshundra Jefferson    
CUNA Communications    
(202) 809-4081 

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • Mascot Madness: East winner crowned; Midwest voting opens

  • Federal Reserve announces July launch for FedNow Service

  • Bill would establish ‘appropriate compliance timeline’ for section 1071

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which West Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us