Market Update: Recovery...But Challenges Remain

The latest consumer confidence numbers are showing us that consumers are postponing discretionary purchases and feeling a little less confident about the future right now.

It's been a highly unpredictable time and we see economic challenges ahead. View our latest video to learn more and hear our recommendations.

Video Transcript:

Greetings from Sarasota, Florida, where our version of fall has arrived. Temperatures are now more often in the 80s, not the 90s.

The post-COVID world has produced many unexpected events, things that virtually no one saw coming. As the economy shut down temporarily in March of 2020, our biggest worry was job losses and unemployment. Instead, the country is now experiencing a shortage of workers as companies struggle to fill jobs.

The expected slowdown in real estate did not materialize. In fact, prices of US homes have risen to record highs.

There have also been some challenges for our economy. After years and years of relatively low inflation, the costs of many items have shot up dramatically in the COVID era, including gasoline up about 42%.

Meanwhile, our seaports are backed up with loaded ships, resulting in shortages of some consumer items.

It's been a highly unpredictable time. So far, corporate America and US consumers have managed to deal with these challenges with the help of government stimulus programs. But the latest consumer confidence numbers are showing us that consumers are postponing discretionary purchases and feeling a little less confident about the future right now.

We see economic challenges ahead. We are not out of the woods yet. With stock prices elevated, we recommend that our clients keep ample amounts of funds in low-risk investments at this time.

We appreciate your confidence in us here at GWP. We are here if you have any questions or concerns, and we look forward to seeing you again soon.

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