CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • 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
  • Jobs
  • Contact

News

Home » CUNA Economics: 'Surprisingly strong report' for April
Press

CUNA Economics: 'Surprisingly strong report' for April

May 5, 2023

FOR IMMEDIATE RELEASE
May 5, 2023
Washington, D.C.

Credit Union National Association (CUNA) Chief Economist Mike Schenk issued the following statement in response to the Labor Department’s April Employment Situation:     

“The U.S labor market is hot. The U.S. Bureau of Labor Statistics today reported that April nonfarm payroll employment increased at a faster than expected pace – with 253,000 jobs added during the month. The unemployment rate declined from 3.5% in March to 3.4% in April and wage gains came in at 0.5% during the month. All of which flies in the face of the Federal Reserve’s aggressive efforts to reign in borrowing and spending to bring stubbornly high inflation down.   

“Authors are likely tempted to re-write macroeconomic textbooks. This isn’t the desired result and, in many respects, it’s historically unprecedented.  

“Both the labor force participation rate and the employment-to-population ratio were unchanged in April, at 62.6% and 60.4% percent respectively. 

“Previous month’s employment increases were revised down modestly. But year-over-year increases in average hourly earnings were elevated at 4.4% - well above the 3.0% level that would be consistent with inflation at the Fed’s desired 2.0% target. 

“The big take-aways in this month’s surprisingly strong report is that the Fed is now more likely to increase market rates again and also is likely to keep rates high for longer than previously anticipated.” 

###     

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: 
CUNA Communications
communications@cuna.coop

Credit Union Magazine: Winter 2023

Winter 2023

The Winter 2023 issue of Credit Union Magazine explores award-winning marketing, board training on a budget, developments in instant payments, service to small businesses, and NCUA’s final rule on member expulsion.
Digital Edition •  Subscribe

Trending

  • CFPB continues to avoid following mandated rulemaking process

  • CUNA, NAFCU applaud CDFI Fund for adopting credit union-sought changes to certification application

  • CFPB fines Atlantic Union Bank $6.2M for overdraft practices

Polls

How do you feel about the economy in 2024?

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