CUNA Senior Economist Ligia Vado discusses the current conditions of the labor market in the June 2023 CUNA Economic Update.
“In our most recent economic forecast for credit unions and the economy, we updated our prediction to a scenario that is more in line with a soft landing of contracting monetary policy,” she said. “That is a scenario in which the Federal Reserve can tame down inflation without causing a recession. The main reason for this change in the forecast is the strength of the labor market.”
Highlights from the most recent update include:
- The labor market remains strong with monthly nonfarm payroll gains inconsistent with previous recessionary periods.