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2014 Predictions for Your Wallet - Includes insight from Gerry Simons!
Date: December 13, 2013
2014 Predictions for Your Wallet
2013 was a year characterized by economic distractions, with things like the government shutdown, concerns about a potential U.S. default, and overall political obstinacy taking center stage. So, it’s fair to wonder: Will 2014 be any different?
While it’s impossible to know for sure, we can certainly offer some educated predictions for what the New Year has in store for consumers’ wallets. From GDP growth and unemployment to the stock market and gas prices, you can get a sneak peak of the most important issues facing your money in 2014 by checking out our predictions below.
1. GDP Will Rise to 3%, While Unemployment Drops Below 7%
WalletHub interviewed a number of leading economists in preparing its 2014 predictions, and the general consensus is that the economy will continue its slow growth in 2014, turning the year into the transitionary period that ’13 should have been and bringing the economy back on track heading into 2015. You can check out our experts’ comments in full below
2. Stock Market Will Be Solid, Though Volatile
The cautious optimism with which we’ve viewed the economic recovery of late has been clearly reflected in the stock market, which soared to record-highs in 2013 yet was marked by tremendous volatility. What’s in store for 2014? Some experts predict continued growth, while others feel that a significant correction is in order.
“These markets are primed for a big correction,” says Thomas Smith, assistant professor of finance at Emory University. “A lot of this is speculative demand pushing equity values up, and this could keep up for another year. But I am pretty confident that we are going to see drop in the averages. And, if this happens, we could see a drop in other sectors and the start of a little recession.”
Those competing viewpoints will likely manifest destiny to a certain extent, but the best bet is that the stock market will continue to rise along with the economy in 2014. Not only will companies be healthier in the New Year, but with disposable income on the rise and low interest rates fostering a dearth of attractive bond options, we should see more individual investors re-enter the market as well.