Crude oil prices through late 2014. This week, prices dropped to under $50 per barrel.
As we enter 2015, things are looking up economically for most Americans. Unemployment rates have dipped down to 5.6 percent and the December 2014 jobs report shows more than 250,000 new jobs added to payrolls. The jobs report reflects 12 straight months of strong job growth for 2014, the best streak since 1999.
In other news, gas prices continue dropping lower. Money saved at the gas pump translates to more flexible spending cash for Americans to spend elsewhere, a good sign for retail and tourism. On the flip side, however, Wall Street investors are getting nervous that as supply finally surpasses demand, the U.S. oil boom could wither away and take jobs with it.
On account of these conflicting economic themes, the Dow Jones industrial average and Nasdaq slipped on Friday following a couple days of gains. Another concern remains a lack of solid wage growth to match rising employment.
With all of these issues in mind, Federal Reserve officials have stated that interest rates should stay at low levels for the foreseeable future, which is intended to further boost the economy. Another way to put more cash back in your pocket? Take advantage of extremely low interest rates by refinancing your mortgage. You never know when low rates will be here today, gone tomorrow with new economic data.
No comments:
Post a Comment