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Consumer lending trends heading down. Source: Shutterstock

Today’s businesses and consumers are continuing to adjust to a whole new world that no one predicted or expected. The global pandemic has changed work forever – employers and employees alike are settling into and ultimately defining what will be the new normal. This evolving environment poses its own set of unique challenges for many, including credit unions.

At the onset of the pandemic, the country grappled with record job losses that peaked at 904,000 jobless claims in January 2020. While jobless claims continue to steadily decline, they are still above pre-pandemic levels. According to the U.S. Labor Department, jobless claims dropped to 400,000 in July 2021 compared to roughly 220,000 claims per week in March 2020. At the same time, consumers are leaving their jobs at historic levels. Employers posted a record 9.2 million job openings in May after some four million people quit their jobs in April in what many headlines are referring to as “the Great Resignation” or “Turnover Tsunami.”

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