There are those who would say the world, especially the economic world, is doomed. Trying to predict how the economy will work in 2013 is like predicting which fish will take the bait.
Some top experts predict more financial storms. Europe remains waist-deep in debt. China’s growth is slowing, and their housing bubble is expanding. And if any of us hears the phrase “fiscal cliff” again, it will be too soon.
However, there are a few indicators that things may be looking up for the American economy.
- Housing Market– The American housing market is very gradually turning the lights back on with a 5.1 percent increase in home prices nationally. In fact, the Salt Lake metropolitan area was one of the national leaders as house prices rose 20.5 percent!
- Consumer Debt– Though consumer debt is still high, it is going down. The last few years of lower interest rates will only help ease payment weights of American families with disposable income.
- Job Growth– While December job reports were nothing to celebrate in the streets about, the U.S. Labor Department reports a very slight uptick in employment rates and the average length of workweek, as well as small rise in hourly pay. It’s also a great sign that businesses are retaining employees for longer periods of time.
- End of Election Season– With the recent end of the election season, the country will stabilize even more (at least for a few years), and the conclusions of legal battles over issues like healthcare will only lead to more stable opportunities and business growth.
Yet, it doesn’t always matter what the forecasts say. True businessmen and businesswomen know to act, not to react. At the University of Utah’s David Eccles School of Business, students are taught to charge forward into the world of business and make success happen, despite waiting for an economic break or opportunity.
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