New data suggests the job market is slowly heating up. Credit unions can fan the flames.
When a person takes a big fall, he or she doesn’t just pop right back up. Time and repair are in order. Turns out the same is true for the economy. Now, it looks like the job market might be showing signs of life.
An MSNBC article details and analyzes a new Labor Dept. report on the job market. Here are a few salient points.
- First-time jobless claims fell 3,000 this week to a seasonally adjusted 420,000.
- The four-week average of claims fell to 422,750.
- 375,000: The number below which the claims would need to fall to indicate substantial declines in unemployment.
- The article indicates that many signs point to positive growth for the economy (optimism, factory production and retail sales are all up), but that hiring has yet to follow suit.
Clearly, there is an opportunity for credit unions to fan the flames of growth. Credit unions should continue their member business lending to create jobs in their communities. They should also continue to help members save money through refinancing.
Positive forward thinking by the cooperative movement can help the economy level out and members get back to work. It's taken some time, but it looks like we might be slowly getting back on our feet.