Published July 25, 2023

Economy on the Rise: Now Might Be the Best Time To Make Financial Moves

Written by Tiffany Fykes

Economy on the Rise: Now Might Be the Best Time To Make Financial Moves header image.

Sharing what you need to know about the current state of the economy.

How is our economy faring? The good news is that the economy is showing positive signs! Today, I'm breaking down some of the metrics that are used to determine its overall state.

First, the unemployment rate is a crucial metric to gauge the health of the economy. As of today, it stands at approximately 3%, which indicates that we are nearing full employment. This means that a significant portion of the workforce who can and want to work have secured jobs. Such low unemployment is a positive indicator of the overall economic situation.

Inflation is another vital aspect to consider. It measures the rate at which prices of goods and services are rising. Over the past year, we experienced a period of high inflation, with rates soaring to 7% or 8%. However, recent data indicates a decline, with inflation now at 3%. While it is still slightly above the targeted 2% range, the decrease suggests that prices may stabilize soon.

"Economic indicators suggest that it may be a good time to invest and purchase properties."

Despite some uncertainty, economic indicators suggest that now might be a good time to invest and purchase properties. The government may still raise interest rates to address inflation, but experts believe that over time, interest rates will likely decrease again.

Given the ongoing increase in prices, it's advisable to not wait for interest rates to come down before making significant purchases like a house. Prices are expected to continue appreciating, so if you can afford it now, it might be a good idea to make your purchase and consider refinancing later.

The economy seems to be moving in the right direction and the fear of an imminent recession is less prevalent. However, it's always essential to stay informed and keep an eye on economic developments. If you have any questions about the current state of the economy or need help with your real estate needs, don’t hesitate to call or email me. I’d love to be your real estate resource and share my insider knowledge with you.