In this week’s Steady Investor, we explore current market news that we believe investors should keep on their radar, such as:<\/p>\n\n\n\n
\u2022 Service activity and job growth expands
\u2022 More Americans are turning 65 in 2024
\u2022 An update on regional banking<\/p>\n\n\n\n
Service Activity and Job Growth Signal More Expansion in Q1<\/strong> \u2013 As of February 7, the Atlanta Fed\u2019s GDPNow forecasting tool shows growth of 3.4% in Q1. It\u2019s early days, but key economic indicators for January support this assessment. The first key indicator is activity in the U.S. services sector, whose importance far outweighs activity in manufacturing. According to the Institute for Supply Management\u2019s (ISM) services-activity index, activity rose from 50.5 in December to 53.4 in January \u2013 a substantial increase into expansionary territory and well above consensus estimates. New orders, business activity, and employment all posted readings in expansion territory, and a majority of respondents in the survey said business is steady or improving. Robust activity in the services sector tracks with gains we saw in the labor markets in January, with the Labor Department reporting jobs growth of 353,000 for the month. December\u2019s payroll gains were also revised higher, from the previously reported 216,000 up to 333,000.1<\/sup> Technology companies have garnered headlines recently as many job cuts have been announced at high-profile companies, but a closer analysis suggests that companies are recalibrating priorities towards A.I. while also cost-cutting in areas where they over-hired in the months following the pandemic. Overall, the unemployment rate held steady at 3.7% in January, and wages continue to rise faster than inflation. Wage growth notched 4.5% higher in January, while the latest headline CPI reading in December came in at 3.4%.2<\/sup><\/p>\n\n\n\n Download Our User-Friendly Guide to Tax Planning in 2024<\/a><\/span><\/strong><\/p>\n\n\n\n While tax planning might not be the most thrilling topic, it’s a crucial component of your financial strategy.<\/p>\n\n\n\n Our free guide, Tax Planning in 2024: A User-Friendly Guide2<\/sup><\/a><\/em><\/span><\/strong>, aims to simplify the complexities of tax laws, empowering individuals and business owners to make strategic decisions that minimize tax liability. It also covers a range of key tax issues, such as:<\/p>\n\n\n\n \u2022 Investments\u2014including tax loss harvesting, loss carryover, investment interest expense deductions, and many more topics. If you have $500,000 or more to invest and want to learn more, click on the link below to get your free copy:<\/p>\n\n\n\n
\u2022 Healthcare and Education\u2014from the Child Tax Credit to Health Savings Accounts to 529 plans and more.
\u2022 Retirement Planning\u2014Traditional and Roth IRAs, catch-up contributions, Required Minimum Distributions and other essential topics.
\u2022 Charitable Giving & Estate Planning\u2014Gifting strategies, Donor-Advised Funds, private foundations and other ways to help yourself as you help others.<\/p>\n\n\n\n