Things might not be as bad as they seem.
The economy has been a major source of anxiety over the last several months — and unfortunately, many of the things causing Americans distress don’t show any sign of going away. Gas prices are still extremely high, the housing market is still edging out buyers with wild bidding wars, and your grocery bill might never be as low as it used to be. And yet, in spite of all of that, there are plenty of reasons to feel hopeful about the state of our economy right now.
In a number of areas, from the job market to retirement accounts, tens of millions of Americans are doing well — so well, in fact, that The New York Times estimates this is the best economic period for employed Americans since we landed on the moon. One of the great ironies of this time period is that no one is talking about it, primarily because, as you likely know, good news doesn’t generate the attention that bad news does.
Axios pulled together a list of five aspects of the economy that are performing extremely well right now. To give you a brief break from the onslaught of bad news coming in every second, we’re re-sharing that list below.
- Real Estate: If you’re actively on the hunt for a new home, then this market isn’t doing you any favors. But if you’re a homeowner, then you’ve been able to see massive gains in your home’s value in the last few years. And for anyone who views their home value as a retirement nest egg, this is a very, very good development.
- Jobs: The unemployment rate is back to a pre-pandemic low of 3.6 percent, and there are currently over 11 million job openings available for those who are interested, Axios reports — so for those who are ready for that next big jump in their career, now might be the time!
- Rainy day funds: A 2021 economic report by the Federal Reserve revealed some happy news about the economic state of millions of households across the country. According to the report, 68 percent of Americans said they have cash set aside for an emergency.
- Retirement: While retirement accounts are always impacted by economic ups and downs, the last few years have seen great returns for American retirement accounts overall. Plus, for the first time, less than 50 percent of Americans expect to work past their early sixties, the New York Times reports.
- Millennial Homeowners: 43 percent of millennials are officially homeowners! This number is up 5% from last year.
