WASHINGTON, DC (February 3, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement in response to the Labor Dept.’s January employment report.
“The initial release of jobs data for 2017 showed mixed results. The headline figure for job growth impressed at 227,000 and labor force participation improved, as well,” said Long. “But wage growth declined to just 2.5 percent despite the increase in minimum wage laws in January across numerous states. The lack of wage growth suggests further room for tightening in the labor market. So long as that remains true, and with inflation still below target, the Fed will be content to hold off on further interest rate hikes.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, goto www.nafcu.org or @NAFCU on Twitter.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
