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CU Snapshot

 Feb '18Jan '18
# of CUs5,7575,758
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings82.6%84.1%
Loan Delinq.0.8%0.9%

         Credit Union Indicators

A Hiring Problem

The supply and cost of labor might be moving up.

While job openings continued to climb in May, hiring took a step back, according to the Bureau of Labor Statistics' monthly job openings and labor turnover survey.

This might signal that employers are having a hard time filling their available positions.

"This is consistent with ... our weekly business confidence survey that suggests the supply and cost of labor is moving up," says Ryan Sweet, Moody's analyst.

Job openings rose to 5.363 million in May, reflecting a 775,000 increase on a year-over-year basis and the highest number since the survey's inception in 2000.

Total hiring, meanwhile, fell to five million in May from 5.034 million in April, with hiring trends mixed across industries.

Professional/business services posted the largest declines in hiring, followed by construction and manufacturing. Retail, leisure/hospitality, and education/health services all recorded gains during the month.

As far as solving the hiring problem, Sweet says the answer could lie in pumping up wages.

"Wage growth was soft in June, but that shouldn't overshadow signs that slack is diminishing quickly and the much-anticipated improvement in wage growth is near, if not already underway," Sweet says. "At the current pace, slack will evaporate more quickly than we expect."

Credit union leaders and human resources professionals can use CUNA's salary and compensation research to set competitive wages and attract and retain top talent.

(Via News Now)