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Good morning!
  
The 18-month recession that the United States suffered through between December 2007 and June 2009 wiped out more than $7 trillion of real estate assets and stock portfolios. At the low point, the collective net worth of Americans fell to $50.4 trillion as of 3/31/09. Now turn the clock forward 7 years and the balance sheets of Americans have come all the way back and more, gaining +75% from that 2009 bottom to reach a new record level of $88.1 trillion as of 3/31/16 (source: Federal Reserve).        
  
The combination of a low national unemployment rate and a record number of job openings seems inconsistent. But that's just what we have in the United States today. Our 4.7% unemployment rate (as of 5/31/16) is the lowest nationwide since November 2007 and less than half the 10% jobless rate we reached in October 2009. But at the same time, employers have "help wanted" signs out seeking 5.788 million new workers, the largest number recorded for a statistic tracked since 2000. Some economists believe there's a gap between the skill-set that employers need and what candidates are offering. All this is most frustrating for the 6.430 million Americans working part-time because they are unable to secure full-time employment (source: Department of Labor).
  
Historically low interest rates continue for American consumers. The average interest rate nationwide on a 30-year fixed rate mortgage is 3.60% today, just above the record low average of 3.31% set on 11/22/12 (source: Freddie Mac).
 

 

Notable Numbers for the Week:

  • WE WOULDN'T QUALIFY - The European Union has a loosely enforced requirement that each of its 28-nations maintain total public debt of no more than 60% of gross domestic product (GDP).  The USA had total public debt as of the end of fiscal year 2015 (i.e., the 12 months that ended 9/30/15) of 73.7% of GDP (source: Office of Management and Budget).                   
  • TAKE YOUR SHOES OFF - The TSA PreCheck program allows enrolled members "expedited security screening" through 160 US airports. The program, which costs $85 for 5 years of benefits, has signed up just 2.8 million participants, or less than 3% of the estimated 100 million American adults that fly each year. TSA PreCheck was launched in 2013, originally hoping to sign up 50% of passengers (source: Dept. of Homeland Security
  • OVERSTAYED - 45% of the immigrants that are in the USA illegally came into the country legally (for tourism, education or for temporary work) and simply never left (source: Urban Institute) 
  • ONE IN FIVE DOLLARS - The Federal Government's annual spending (i.e., outlays) of $3.951 trillion represents 22% of the spending of our $18.230 trillion economy (source: Treasury Department   

 
Sincerely,

Lew Shore, Jon Morgan, and Marya Young 

Shore Morgan Young Wealth Strategies
300 West Wilson Bridge Road, Suite 310
Worthington, Ohio 43085
614-888-2117 office
800-288-2117 toll free
614-888-2023 fax
  
  
  

(614) 888-2117 | (800) 288-2117

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Gross Domestic Product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.
 
 
A recession is a significant decline in activity across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP); although the National Bureau of Economic Research (NBER) does not necessarily need to see this occur to call a recession.

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