The financial markets and trends change often, and unless you follow them regularly, understanding how they impact you can be confusing. The good news right now is that the US economy is strong and consumer confidence is high, even in areas where growth is slow. For example, job growth has been slowing recently, but most people are still feeling very optimistic about the future.
Of course, if you are one of the people impacted by slow job growth you may not feel this confident. In fact, you could be very worried about the future. If you are unable to find a job, get a raise, or are otherwise feeling the economic impact of a slow job market, life could feel unsettling. In times like these, there are resources available that could help you get through this season. The Freedom Financial Network has a variety of tools that could help you stay on track, or even get back on track.
Current Financial Trends and How They Could Impact You
The most notable financial trend that impacts the US economy right now is that of slow job growth. In August of this year, approximately 156,000 new jobs were added. This is down from years past as August generally averages 175,000 new jobs. June and July of this year also saw a slower rate of jobs being added. Along with a lower rate of new jobs, we saw a slight rise in the unemployment rate, as it crept up to 4.4 percent in August. On a positive note, those with jobs have seen a rise in earnings. The average hourly earnings are up 2.5 percent over this time last year.
So, what does this mean for you? It really depends on whether you are currently employed and what industry that you work in. Manufacturers added 36,000 new jobs. The construction industry also saw growth this past month adding an additional 28,000 jobs. And professional and business services had a great August adding over 40,000 new jobs. If you work in one of these areas, then August may have been a good month for you. The areas that were impacted the most by the slow job growth were those in the lower wage sector such as retail, and leisure and hospitality.
With the financial markets, as with life, everything has its season. You may be in a season of economic prosperity, or one of financial hardship. If you are experiencing financial challenges, then it may feel like a better season is a long way off. However, there are resources available to help you recover from your financial challenges. Freedom Financial Network and its innovative companies empower people to reach their financial goals in any season of life.
The Freedom Financial Network of Companies
Just as the financial markets experience different positive and negative trends shaped by what is going on in the world, so can you. Even if you are currently experiencing hardship or challenges, there are resources available to help you get through this season and back on track. The Freedom Financial Network companies are designed to do just that.
Freedom Debt Relief is a program designed for those who are facing serious challenges with $15,000 or more in unsecured debt, such as credit card debt. Through their program, the company has helped over 400,000 people.
Bills.com is designed to provide you with a wide range of resources to help you make better mortgage decisions. Armed with the knowledge you need, you could make the kinds of choices to build your wealth rather than live in debt.
FreedomPlus is a program that provides $10,000-$35,000 unsecured personal loans. Perhaps you want to eliminate your credit card debt or use the money for repairs on your home. Whatever the reason, they may be able to help you achieve your goals.
Consolidation Plus is another personal loan product that is offered by invitation to some clients. This unsecured personal loan is offered at a rate lower than the client’s credit card interest rate, and enables the consumer to consolidate their debt payments into one easy, simple monthly payment.
Future Financial Trends in Our Economy
The US economy experiences ups and downs, just as your personal finances do. Take the forex market, for example. Each year the value of the US dollar compared to foreign currencies tends to have seasons of regression and seasons of expansion. It is a cyclical process that traders must recognize as they weather the highs and lows of the market.
Not only do trends in the forex, commodities, and other financial markets impact our economy, so do technological changes. One technological change that has really changed the landscape of the financial world is financial technology, also called FinTech.
FinTech has made financial management and information much more accessible for many people. It is a trend that is here to stay, and a trend that large banks and financial institutions are learning to adapt to so they can retain their customers and attract new customers. One study reveals that 71 percent of all millennials would prefer to take a trip to the dentist over visiting a bank. So, traditional banks have begun utilizing the FinTech tools that have been made popular by non-traditional services such as PayPal and Venmo.
What Do These Trends Mean for You?
Financial trends can fluctuate. What is important for you to do is to put yourself in a financial position that allows you to weather the highs and the lows of these trends. If you currently feel like your financial position is not stable, but vulnerable to the trends in the economy, then you should consider ways to improve your situation. Freedom Financial Network could help you get back on track with one of our innovative company resources.