Forecasters predict a slight dip in the GDP for 2020, but no recession. Fortunately, the labor market remains tight, wages are rising, and household spending remains the driver of U.S. growth. The economic impact of the coronavirus is impossible to handicap at the moment. There is some fear the virus will hamper household spending, thereby threatening the overall economy.
Unemployment rates remain fairly stable with an average of 3.5% predicted for 2020 and with a possible bump up to 3.6% in 2021. The healthcare and tech industries are the fastest-growing as of early 2020.
Specialists recommend not panicking during a volatile Stock market, investing in 401(k)s, and diversifying savings during uncertain times.
Sources: St. Louis Fed, JP Morgan, NY Times
I’ll continue to monitor economic reports closely, but if you have any immediate questions, please call or email today.
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
