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January Economic Update

January 29, 2024

Below are some recent economic indicators to keep an eye on.

  1. Through 31 December, 2023, core inflation is running at 3.9% versus the Federal Reserve's target of 2%. 
  2. Domestic unemployment is holding low at 3.7% at the end of December 2023.  I believe this is in part due to the nature of our changing workforce.  We are experiencing a change to the paradigm of what it means to be employed.  Throughout the twentieth century, employment most commonly referenced those working for companies: manufacturing, service, professional, etc.  In the twenty-first century, we are experiencing employment including: influencers, resellers, and ap-based "self-employment (Doordash, Air B&B, Uber, etc).
  3. Gross domestic product (GDP) reported for December 31, 2023 is at 3.3%
  4. As of 26 January 2024, the Fed Funds Target rate is at 5.5%.  The markets are currently pricing in an assumed rate cut in 2024.
  5. As of 29 January, 2024, the national average for a 30-year fixed rate mortgage is 7.01%.

Source: Federal Reserve (Fed Funds Rate), US Department of Labor (Inflation & Unemployment) and US Bureau of Economic Analysis (GDP), Bankrate (mortgages).