What’s new with the economy? Nationwide checkbook check up!
October 7, 2020
What's new with the economy? Nationwide checkbook check up!
What Numbers Matter to Me: Blood pressure, heart rate, body fat--these are the numbers for your health... but what should you look for to know how your paycheck is performing in today’s economy? We will look at a few key numbers and explain why you should care….
- Consumer spending is up: This just means that American’s are willing to spend money and do business, whis is a good sign because about ⅔ of the whole economy is based on simply buying and selling stuff. So, if no one's out there wheeling and dealing at the grocery store, the mall, or car dealerships, then everything kinda stops.
- Jobless claims are holding steady: This is lukewarm news because unemployment isn’t really rising but neither is overall job growth. Some folks are going back to work while 26 millions people are still on some form of government unemployment benefit. It's like a tie in Pro Football: a lot happens and not much happens.
- What are people buying? - Automobile sales are on the rise and so is real estate. Maybe it’s because folks who relocated because of working online now need some new wheels 😉
- Debt could cause problems - The storm of debt could eventually rain on our post-pandemic parade. The problem is that spending is what gets the economic motor going. But when economies, like America’s, have lots of debt then people usually try to trim the fat instead of spend. So, the debt makes the recovery slower. How slow is still TBA but we’re hoping that on a scale of Tree Sloth to Wild Bull we are more like the bull.
- Paychecks want to know what’s next? - A stimulus will help and so will anything that makes American businesses stronger HERE and NOW. For example, building up America’s supply chain so we are less dependent on other countries AND we have more American Paychecks making the stuff we need.