January is Financial Wellness Month – With the start of a new year and a fresh perspective, this month brings the opportunity to do an annual check-up on our financial wellness, revisit our financial goals and adjust them accordingly, and plan for the exciting year ahead!
Participants’ Perspective – New Year Economic Outlook
- The Federal Reserve met in December to discuss the economic outlook to finish the year strong and start the new year off on the right foot. December’s meeting provided another rate cut of 25 basis points and a Summary of Economic Projections. The Fed’s goal of keeping inflation stable while ensuring the unemployment rate stays low remains the same.
- According to the U.S. Bureau of Labor, payroll employment has increased by offering jobs to 227,000 employees in November 2024. This is a significant increase from the prior month, which only filled 36,000 new positions. Q4 and Q1 are generally opportune times to hire new employees for payroll positions and this is reflected in the data trends described here.
- Unemployment has remained steady at 4.2%, which is higher than it was in the prior year at this time (3.7%). However, the employment cost index (ECI) for Q3 2024 was down slightly, coming in at 0.8%, in comparison to Q2 2024, which provided a rate of 0.9%.
What Else is New?
Other notable stories this month within our organization and beyond! Click the link below to see more!
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