Experts say it’s growing, but slowly
The stock market has been up and down this week. The jobs numbers are not expected to move much when they come out today. The bottom line is that the experts say the economy isn’t growing the way some said it would.
“Muddling along. It is literally moving forward. It is positive but it’s not in any kind of a gangbusters type mood,” KTRH Money Man Pat Shinn said.
Shinn says it's not enough to get anyone excited.
“I don’t see a recession but I see the economy grow below its potential pace,” Shinn explained.
Shinn also says the up and down week on Wall Street was to be expected.
“We’ve had a good run. The pullback is healthy for the market. It’s not a reason to run for the hills,” Shinn explained.
Financial analyst Richard Rosso agrees.
“It’s been a fairly decent run without a correction,” Rosso said. “You should expect every year at least a 5% correction.”
So how should you prepare if it doesn't grow any quicker or even slows down? Rosso says it's a good thing we're in Texas.
“Texas is a little bit different. We’re in a good spot. So, do your spending. Take your vacations. But, be reasonable in your approach,” Rosso explained.
Rosso means you should spend, but make sure you keep 3-6 months of living expenses available to you just in case.