U.S. GDP Growth Beats Expectations in Q3

Written By: Anna Carlson, Financial Advisor

The growth of the U.S. economy beat expectations in the third quarter of 2022, with the GDP rate rising by an annualized rate of 2022. This better-than-expected growth comes after 2 straight quarters of economic contraction seen in the first half of this year. And what happened then? Well, in Whoville they say, that the Grinch’s heart grew three sizes that day. 

While this is certainly a welcomed bit of good news, there are underlying details of this report that may not inspire the same holiday cheer. Business spending & corporate profits were weak, while the housing market continues to cool off. Back over to the bright side – the U.S. is on track to expand again in the fourth quarter of this year, despite worries about a looming recession. For the near-term outlook, the most positive development here is that the engine of this economy, consumer spending, appears to be holding firm. The U.S. economy is a poster child for resilience. 

While retiring during a bear market always presents a challenge, the current conditions are adding extra difficulty for anyone planning to retire in 2023. It’s always important to put things into perspective: while the S&P 500 is down 17% year-to-date, it’s still up about 10% since the end of 2020. 

If you are already retired, if you plan to retire next year, or within ten years, you need a written financial plan. The best way to navigate the risks in your retirement (inflation, stock market volatility, potential tax increases, & rising health care costs, to name a few) is to have a written financial plan that can withstand those various retirement threats. A well-thought-out plan also helps you feel more financially stable when making that retirement decision. 

We at Carlson Financial are dedicated to helping you plan for your best retirement life. Contact us today to set up a free consultation where we will analyze your current situation & begin to map out a retirement strategy that works for you. 

Call today to see how you can continue your same standard of living during retirement, and not risk outliving your assets!

Say What? 

Here’s your retail forecast for this upcoming holiday season:

· The National Retail Federation says Americans spent $889.3 billion on Christmas last year 

· That’s a 13.5 percent increase over how much holiday spending we did as a nation in 2020. The National Retail Federation is predicting holiday sales will grow another 6 to 8 percent this year. 

· Holiday retail sales have averaged an increase of 4.9 percent over the past 10 years.

· Families may not skimp on holiday gifts for close relatives, but they are likely to slim down their recipient list. 

· Trends are showing consumers turning to credit cards and dipping into savings to afford gifts in 2022

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