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By Staff Reporters
SPONSOR: http://www.MarcinkoAssociates.com
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In the last 20 months, the US Federal Reserve has jacked up interest rates to a 22-year high to tame soaring inflation. And inflation has come down to about half of its June 2022 peak. But the economy is still strong.
The Fed’s rate-hiking jamboree was expected to slow hiring, spending, and broader economic growth as unfortunate side effects of popping the inflation balloon. However, a series of recent reports shows that the US economy is still roaring in the ’20s:
- Jobs: Employers smashed expectations by adding 336,000 jobs in September, and the unemployment rate remains at a low level of 3.8%.
- Spending: Retail sales also blew past estimates in September, a sign that American consumers remain the undisputed shopping world champs. This probably helped: Americans’ household wealth surged 37% from 2019 to 2022, according to Fed data released on Wednesday. That’s more than double the second-highest increase on record.
- Economy: After the strong retail sales numbers came out this week, Morgan Stanley raised its Q3 economic growth outlook to 4.9% from 4.5%. Context: One year ago this week, Bloomberg economists predicted a 100% chance of a recession…within a year.
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Filed under: "Ask-an-Advisor", Financial Planning, Funding Basics, Glossary Terms, Marcinko Associates | Tagged: Daivd Marcinko, economy, fed, Federal Reserve, inflation, Marcinko Associates, strong economy | Leave a comment »
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