Unemployment Rate Drops in December 2010

The US unemployment rate dropped to 9.4% from 9.8% in December 2010. On top of that figure, 103,000 jobs were created last month.

The high unemployment rate has contributed greatly to the present recession, but the shift in statistics suggests a positive change in our nation's economy.

President Obama highlighted these statistics in a recent speech, and expressed his optimism for a speedy economic recovery.

President Obama Thanks Credit Unions for Small Business Lending

At a White House briefing on Wednesday, NAFCU President Fred Becker thanked President Obama for acknowledging credit unions' role in small business lending.

In a number of initiatives designed to open small business access to credit, the Obama administration included credit unions that serve as community development financial institutions in a proposal that would provide lower-cost capital if they lend to small businesses in the hardest hit rural and urban areas.

Obama noted his appreciation “for all that credit unions are doing” in lending to small businesses and business owners.