Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement in response to the Labor Department’s August Jobs Report:
“This report reflects the impact that the Delta variant has had on the economy. The lower-than-expected increase in jobs shows that workers are hesitant to re-join the labor force, even though schools are resuming in-person instruction and federal unemployment benefits will soon lapse. There is still a critical need among employers to fill vacant positions, which has led to wage increases across the country.
“The August jobs report may prompt the Federal Reserve to delay its decision to slow down its purchase of Treasury securities and mortgage-backed securities.”