An explanation of the Septemberunemployment rate and the effect the so-called fiscal cliff could have on credit union performance are thehighlights of the NCUA's October economic video update, released bythe regulator Monday.
NCUA Chief Economist John Worth opened the video with good newsabout the economy, but added that recovery continues to be slow,and “important risks are looming.”
Compared to a year ago, Worth said, the economy has picked up1.8 million jobs overall and about 1.9 million private sector jobs.In September, the unemployment rate dropped to 7.8%, its lowestlevel since January 2009.
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