Prospects for Growth in 2017
Some researchers believe the U.S. economy has a healthy outlook: The GDP growth rate is in the ideal 2 percent to 3 percent range, unemployment continues to abate and inflation remains in check.
The U.S. Bureau of Labor Statistics expects 88 percent of all occupations will experience growth by 2020, with the biggest increases coming in health care, personal care and construction. It also predicts that jobs requiring a master’s degree will grow the fastest.
Aside from the potential of lower taxes, more jobs and infrastructure spending, the U.S. economy has another reason for optimism: American manufacturing, industrial production and trade sectors appear to be emerging from their recession. Economists anticipate that industrial sector growth will continue throughout 2017.
Furthermore, consumer and chief executive officer confidence levels have improved considerably since the November U.S. election. The current expectation for more fiscal stimulus is expected to translate into greater spending and stronger economic growth.
In periods of positive economic news such as this, people sometimes get caught up in “the good times” – planning vacations and finding other ways to spend newly acquired discretionary income. As financial professionals, we want to help you create a long-term financial strategy now, so that you feel confident in your financial future.
Clearly, no one knows where the market will go in 2017, but according to investment analysts at Charles Schwab, income growth may be poised to continue in the immediate future. Technology, health care and financial sectors are among those that could outperform in 2017. One reason is that the U.S. is entering an era of deregulation. President Trump has already started to roll back regulations put in place during the Obama administration, which issued more than 3,750 final rules and regulations during its eight-year tenure.
If you find yourself with some extra funds you would like to put away for retirement, call us for assistance on allocating them to your financial plan.
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