Americans Feel Optimistic About Growth And Prosperity

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Americans Optimistic About Economic Growth


Overview

Amidst challenges like high interest rates and energy costs, optimism persists regarding economic growth and prosperity in the U.S.

Housing Market Trends

The housing market is experiencing a cooling period due to elevated interest rates and energy prices, alongside constrained home availability. An excess housing supply is putting a strain on new construction, leading to reduced demand for building products and a decline in construction-related jobs.

Economic Context

Real estate is crucial for consumer spending and overall economic growth. Throughout 2006, the Federal Reserve has raised interest rates to control inflation, striving to avoid recession while fostering economic expansion.

Energy and Inflation

Rising crude oil prices and the enduring conflict in Iraq contribute to high gas prices, affecting household spending power and consumer confidence. An emerging trend shows that higher gas prices lead to declining home sales, with the reverse also true.

Predictions and Outlook

Despite the current economic slowdown, the National Association for Business Economics (N.A.B.E.) forecasts GDP growth for 2007. A predicted 2.8% core inflation rise excludes food and energy, offering a more positive outlook. The Federal Reserve may hold off on further interest rate hikes if inflation pressures decrease.

Commerce Secretary Carlos M. Gutierrez foresees 2007 as a year of optimism for Americans, with potential growth and prosperity on the horizon.

Happy New Year!

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Your Money Matters
By Carl Hampton
Author of From Credit Despair To Credit Millionaire

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