US Economy Bounces Back And Stock Markets Rally, But Crash Is Coming

Money Tips Daily by Charles Kelly, former IFA and author of

The US economy expanded at its fastest rate in decades last year as it bounced back from lockdowns.

Official figures from the Commerce Department revealed that the economy grew by 5.7% and by 6.9% in the last quarter – the highest growth since 1984.

However, the US Federal Reserve announced this week that a rate rise is 'appropriate' soon, while analysts expect growth to slow this year, due to government scaling back stimulus spending.

Rising inflation, new Covid variants, such as Omicron are further threats to the economy.

The World Bank forecasts that the US economy will grow by 3.7% this year, while OECD said the UK’s GDP will grow by 4.7% in 2022 and is almost back to pre-pandemic levels.

Major stock markets have been sliding in January, with the Nasdaq down 13.35% and Dow Jones 5.06% in the last month but have so far resisted a correction or full-blown crash.

Billionaires like Elon Musk have been dumping billions of dollars of their own stock, a sure sign that they know the party is over.

We are living in volatile times. shares are overpriced, central banks have printed money like there’s no tomorrow, inflation is reaching levels not seen since the 1980’s, Russia could be about to invade Ukraine and China is watching the west while it eyes Taiwan.

What is your personal inflation rate?

The UK official inflation rate is 5.4%, but essential items such as fuel, food and household items are up by as much as 50%.

New immigration identity checking system for landlords and employers.

The Home Office has recently announced a new digital ID checking tool for landlords and employers to help prevent abuse of the UK immigration system.

A press release published on the UK government’s official website, the technology will ‘make it quicker, safer and more convenient for landlords and employers to carry out right to rent and work checks.

The checking system will start on 6 April 2022 and certified identity service providers (IDSPs) will be able to use Identification Document Validation Technology (IDVT) to carry out right to work checks and right to rent checks on behalf of UK and Irish citizens.

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Spending wisely cannot only improve your bank balance but also your health.

That’s because poor spending habits are often linked to unhealthy pursuits, such as smoking, drinking and gambling.

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