Stay on top of your job search with the latest trends in job hiring today. Antonio Guillem / Shutterstock.com
Editor’s Note: This story originally appeared on FlexJobs.com. What are the latest hiring trends — which will be applicable for the long-term — that today’s job seekers need to keep on their radar screen? FlexJobs tapped a panel of workplace and remote work experts for their insights. Their top five hiring trends are below.
Don’t let leftover alcohol derail your Dry January. Here’s how to put it to use without drinking it down. Daria Stock / Shutterstock.com
Editor’s Note: This story originally appeared on The Penny Hoarder. Have you heard of Dry January, or are you giving it a try? It’s an annual campaign to get people to pledge to abstain from alcohol for the month. This is actually Dry January’s 10th anniversary. Problem is, lots of us currently have a bunch of alcohol basically lying around the house — adult beverages left over from the holidays.
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What happenedThe U.S. gross domestic product (GDP) increased at an annual rate of 2.9% in the fourth quarter of 2022, according to an advance estimate by the Bureau of Economic Analysis (BEA). That slightly exceeded economist expectations of 2.8%.While GDP decreased by 1.6% and 0.6% over the first two quarters of 2022, it rebounded in the second half of the year. GDP increased in the third quarter by 3.2%. Overall, GDP increased 2.1% in 2022, compared to 5.9% in 2021.So whatGDP measures the total value of a country or region’s economic output. It’s one of the most accurate indicators of an area’s economic strength. In the United States, an annual GDP growth rate of 2% to 3% is considered healthy for the economy.The fourth quarter numbers are welcome news for consumers, especially after months of warnings that the United States is headed for a recession. A recession is a period of economic decline, with one commonly held definition stating that a recession is when the GDP declines for two consecutive quarters or more. While the latest data shows we’re not in a recession, there are still some causes for concern when digging deeper.”The 2.9% annualised rise in fourth-quarter GDP was a little stronger than we had expected, but the mix of growth was discouraging, and the monthly data suggest the economy lost momentum as the fourth quarter went on,” wrote Andrew Hunter, Senior U.S. Economist for Capital Economics, in a response to the data. He still expects a mild recession in the first half of 2023.Now whatDespite the gloomy outlook of some economists, there’s no need to panic about a recession, at least not yet. Economic growth was in a healthy range both last quarter and over 2022 as a whole.However, it’s always wise to prepare your finances in case things take a turn for the worse. That way, you’ll be ready if an economic downturn does happen. It’s also easier not to panic about a potential recession when you know you’re prepared financially.The best thing you can do right now is make sure you have a sufficient emergency fund. A common recommendation is to have enough in your emergency savings to cover three to six months of living expenses. Some experts are even recommending a 12-month emergency fund. This is up to you, but a six-month emergency fund is a good initial goal.To build your emergency fund, set up a savings account specifically for emergency savings. Figure out how much you can afford to contribute to it per month, and then set up automatic transfers for that amount. It takes time, but you’ll make progress every month. The more that your emergency fund grows, the more financial security you’ll have if a recession does happen.Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee. In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes. Read our free reviewWe’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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The U.S. gross domestic product (GDP) increased at an annual rate of 2.9% in the fourth quarter of 2022, according to an advance estimate by the Bureau of Economic Analysis (BEA). That slightly exceeded economist expectations of 2.8%.
While GDP decreased by 1.6% and 0.6% over the first two quarters of 2022, it rebounded in the second half of the year. GDP increased in the third quarter by 3.2%. Overall, GDP increased 2.1% in 2022, compared to 5.9% in 2021.
GDP measures the total value of a country or region’s economic output. It’s one of the most accurate indicators of an area’s economic strength. In the United States, an annual GDP growth rate of 2% to 3% is considered healthy for the economy.
The fourth quarter numbers are welcome news for consumers, especially after months of warnings that the United States is headed for a recession. A recession is a period of economic decline, with one commonly held definition stating that a recession is when the GDP declines for two consecutive quarters or more. While the latest data shows we’re not in a recession, there are still some causes for concern when digging deeper.
“The 2.9% annualised rise in fourth-quarter GDP was a little stronger than we had expected, but the mix of growth was discouraging, and the monthly data suggest the economy lost momentum as the fourth quarter went on,” wrote Andrew Hunter, Senior U.S. Economist for Capital Economics, in a response to the data. He still expects a mild recession in the first half of 2023.
Despite the gloomy outlook of some economists, there’s no need to panic about a recession, at least not yet. Economic growth was in a healthy range both last quarter and over 2022 as a whole.
However, it’s always wise to prepare your finances in case things take a turn for the worse. That way, you’ll be ready if an economic downturn does happen. It’s also easier not to panic about a potential recession when you know you’re prepared financially.
The best thing you can do right now is make sure you have a sufficient emergency fund. A common recommendation is to have enough in your emergency savings to cover three to six months of living expenses. Some experts are even recommending a 12-month emergency fund. This is up to you, but a six-month emergency fund is a good initial goal.
To build your emergency fund, set up a savings account specifically for emergency savings. Figure out how much you can afford to contribute to it per month, and then set up automatic transfers for that amount. It takes time, but you’ll make progress every month. The more that your emergency fund grows, the more financial security you’ll have if a recession does happen.
If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
Sometimes, the simple act of being in debt can mess with your well-being.
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There’s a reason personal loans tend to be a popular borrowing option among consumers. For one thing, these loans are very flexible.
Unlike mortgages, which you can only use to finance a home purchase, or auto loans, which can only be used to finance the purchase of an automobile, you can use your personal loan proceeds for anything you want, whether it’s renovating your home or taking a vacation. Plus, personal loans tend to charge competitive interest rates — especially when you compare their interest rates to what you might pay on a lingering credit card balance.
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But while personal loans clearly have their benefits, financial guru Dave Ramsey says you’re better off not taking one out. Here’s why.
Before we get into why a personal loan could be a bad idea, it’s important to discuss Dave Ramsey’s general stance on debt. In a nutshell, he hates it. In fact, he’s even gone as far as to say that consumers should try to avoid taking out a mortgage if possible. So it’s important to take his advice to steer clear of personal loans in context.
That said, there’s a reason Ramsey isn’t a fan of personal loans — he thinks they can lead to a more stressful financial situation than the one they’re potentially trying to address. And he’s not totally wrong there.
Ramsey says, “Personal loans are just not worth the stress and financial burden they bring to you and your family. Period.” And his reasoning is that a personal loan could easily trap you in a cycle of debt. So it’s better to avoid that — especially if you’re borrowing money for something fun, which personal loans allow you to do.
Even if you’re borrowing money to do something like fix your car, if that expense can wait, Ramsey would probably tell you to hold off and save up for it. That way, you can avoid the stress of being in debt.
In fact, Ramsey points to a bunch of alternatives to taking out a personal loan. These include getting on a budget, saving up for the purchases you want to make, and building up an emergency fund.
Of course, these are all viable alternatives to going out and borrowing money to finance something like new furniture or a trip to Europe. But when you’re stuck in an emergency situation — say, you need $5,000 to replace your home’s air conditioning system and you don’t have it in the bank — then a personal loan could be a good solution.
Granted, debt of any sort isn’t ideal. But when you’re in a dire situation, a personal loan is a reasonable route to pursue.
Some people really don’t do well with owing money — it can be enough to make them lose sleep. If that sounds like you, then you may want to hold off on getting a personal loan unless you absolutely need one.
You might enjoy the vacation a personal loan makes it possible to go on. But if that debt will result in months of stress afterward, then it’s not worth a week of fun. This is really the point Ramsey is trying to drive home. And it’s advice worth listening to.
Our team of independent experts pored over the fine print to find the select personal loans that offer competitive rates and low fees. Get started by reviewing our picks for the best personal loans.
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It’s a simple rule to follow.
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The fact that the world has gone increasingly digital is a good thing in theory, as it can make life easier for consumers. But there’s a downside as well. Now that people are doing more shopping and banking online, criminals have even more opportunities to target consumers and attempt to steal their personal data. Criminals also have added opportunities to get a hold of bank and credit card information, and to use that data for their own financial gain.
Now in some cases, there’s not much you can do to prevent financial fraud. If your bank or credit card company experiences a data breach, you may find that you end up with a problem on your hands. But there is one step you can take to lower your chances of credit card fraud. And it’s a really simple one, too.
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A big way criminals are able to access financial data is by scamming consumers directly. So if you want to avoid credit card fraud, make it a rule to never, ever respond to an unsolicited phone call, email alert, or text message.
You might get what looks like a legitimate alert from your credit card company telling you to click a link to verify a recent transaction. But you never know when that alert might be fraudulent in nature. And clicking on a link or responding to a message like that could open you up to a world of trouble.
For one thing, if a criminal gets access to your credit cards, they could rack up charges against your balance. Even if you’re able to get those charges wiped out eventually, you could run into temporary problems if they cause you to exceed your credit limit.
So what should you do if you think your credit card company is reaching out to you with a legitimate issue or question, but you’re not sure? The answer is simple: Pick up the phone and call them rather than respond to an email or text message. And if you get a call from someone claiming to be from your credit card company, tell them you’ll call in using the number on the back of your card and settle things that way. If you’re the one to initiate a call to your credit card company, you can rest assured that you’re not dealing with fraudsters on the other end of the line.
Many people are used to random emails, texts, and even phone calls. But be very careful when you’re contacted by anyone claiming to be from your credit card company, bank, or another financial institution you do business with.
Digital fraud is huge these days, and even if it doesn’t end up costing you money or causing you credit score damage, it can still be a major hassle and source of stress. A better bet is to do what you can to avoid falling victim to fraud in the first place. And pledging to never respond to unsolicited communication is a good way to go about that.
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The answer? Possibly…but not anytime soon.
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It’s hardly a secret that inflation has been battering consumers for well over a year. And in 2022, many people had to resort to measures like racking up credit card debt and raiding their savings just to cover their higher living costs.
The Federal Reserve, meanwhile, isn’t happy about inflation. That’s why it’s been so aggressive with its interest rate hikes.
The Fed raised interest rates seven times in 2022. And it’s not done doing so, either. In fact, in late 2022, Federal Reserve Chair Jerome Powell was quoted as saying, “For wage growth to be sustainable, it needs to be consistent with 2% inflation.”
Of course, 2% inflation would be nice. But that’s not at all where we’re at. And while we might get there eventually, consumers should not expect inflation to fall to that degree within the next 12 months. That means we may need to brace for continued rate hikes — and higher borrowing costs to go along with them.
In December of 2022, the Consumer Price Index (CPI), which measures changes in the cost of consumer goods, rose 6.5% on an annual basis. That’s a far cry from the 2% level the Federal Reserve is looking for.
Of course, December’s CPI reading is far better than June’s. At that point, inflation rose at 9.1% on an annual basis, representing a peak.
But still, the Fed is unlikely to be satisfied with 6.5% inflation, given that it wants to get the economy back down to 2%. And that means that consumers may be in for a series of interest rate hikes in 2023, despite cooling inflation.
Now that said, those rate hikes may be less substantial individually than they were in 2022. Last year, the Fed implemented several 0.75% rate hikes. This year, the Fed might settle on 0.25% increases.
But still, borrowing costs are already up, especially on mortgages. And if rate hikes continue, consumers might struggle to borrow even more in 2023 — to the point where they have to cut back on spending and potentially drive us closer to a recession.
Absolutely. It’s a rate we’ve seen many times before and are likely to see again. But we need to be reasonable in our expectations.
We’re unlikely to go from 6.5% inflation to 2% inflation in the course of a year, even with rate hikes in the mix. So a more reasonable bet may be to hope for 4% to 5% inflation later on in 2023.
To be clear, that would still spell a lot of relief for consumers compared to 2022. So if we get there within the next 12 months, that’s something to celebrate — even if the Fed doesn’t think so.
Meanwhile, until inflation levels drop even more, consumers should aim to be very careful about borrowing. Signing a loan or racking up a credit card balance now might mean paying a lot more interest than expected. And at a time when living costs are still up, dangerously high loan payments have the potential to wreak utter havoc.
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