CHARLOTTE, N.C. — As we prepare to close out this year, many people are incorporating a new budget into their New Year's resolutions.
That's why WCNC Charlotte has been keeping an eye on some of the country's key indicators of the economy and what they mean for your wallet.
WCNC Charlotte always asks, “Where is the money?” If you need assistance, contact WCNC Charlotte by email [email protected].
Let’s start with paychecks first.
Economists across the country say wages have risen – but only by about half a percent.
Charlotte-based wealth expert Jud Gee explained why this is important.
“Sure, a lot of jobs are being created and unemployment is low,” he said. “But has wage growth matched inflation? Well, until this month, that basically wasn’t true.”
The statistics say wages are starting to catch up with inflation, but the money we take home is barely enough to cover all the bills. Nevertheless, economists are convinced that the country is on the road to success.
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Many call it the “Goldilocks Principle”: the “success” of increasing inflation while avoiding recession. This means the country is heading for what some are calling a soft landing.
Gee shared how he defines a recession.
“Two consecutive quarters of negative GDP, which I think – as an economist – was technically a recession, but not really because of all these other factors like continued low unemployment,” Gee said.
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This negative GDP just means that people across the country are spending less than in previous quarters, which was the case earlier this year, according to Gee. It is therefore unclear whether the USA will be able to achieve this soft landing by 2024.
Housing costs and spending on goods and services are still at historically high levels – but people are still spending money. With this in mind, Gee recommends waiting.
“Only time will tell,” he added.
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