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Finally Some Good News!

Filed under: Taxes and Planning

Mature couple talking to financial planner at home

Recently, we were all startled by the enormous drop in the stock market. As such drops always do, the event sparked doomsday talk and fears about our collective financial futures. It’s never fun to wake up to the headlines we saw toward the end of August!

Luckily, we are also seeing some good news, which will hopefully help to balance out the bad. We thought the US economy was doing well during the second quarter of this year, but now that official numbers are out we have learned that it performed even better than we hoped!

Between April and June, the economy grew 3.7 percent. This number far surpasses the original estimate of 2.3 percent, according to the Commerce Department. In particular, construction and business spending rose during the second quarter, helping to boost our overall GDP.

Despite recent turmoil, many experts believe that the US economy is still doing well. GDP is expected to rise even higher throughout the rest of the year, and 2015 should still prove to be a good year in many respects.

Throughout this year we have heard rumors that the Fed will raise interest rates in September. Considering recent events – China’s devaluation of the yuan, and the recent turmoil in our own stock markets – those predictions are now shifting toward December. But, as with all things, time will tell.

In the meantime, if you’re concerned about the stock market or our economy, and how they affect your personal future, talk to your financial planner. If your investing strategy no longer suits your needs or aspirations, or you simply want to review your portfolio and assess your risks, there is no time like the present. Taking an active role in your financial affairs is the best way to stay informed and soothe your own fears.