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Recession? What recession? Last week’s data solidified that 2023 won’t be the year the economy contracts. 📆 🏡Existing Home Sales in September declined by 2.0, falling for the fourth consecutive month. Sales are now at the slowest pace since the 2008/9 Financial Crisis. A surge in benchmark interest rates obviously drives challenges in the housing market. 30-year fixed mortgage rates are now nearing 8%, leading to a 40% increase in monthly payments for the median existing home with a 20% down payment. 🏗️Housing Starts in September increased by a solid 7.0%. Existing homeowners hesitate to list their properties due to low fixed mortgage rates, and many prospective buyers are forced to turn to new builds. 🏭Industrial Production in September had a surprising 0.3% increase, with gains across major categories. Industrial activity has accelerated at a 5.2% annualized pace in the past three months. 🛍️ Retail Sales in September were strong, with a 0.7% increase that beat expectations. Factoring in revisions to previous months, retail sales grew even faster at 1.0%. 📈Despite concerns about a recession, Real GDP looks to have expanded at about a 4.7% annual rate in the third quarter, potentially the fastest pace of growth since 2014 (excluding the COVID-related reopening in 2020-21). Rising rates should bring on a recession at some point. But not just yet.
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Patrick HueyPatrick Huey is a small business owner and the author of two books on history and finance as well as the highly-rated recently-released fictional work Hell: A Novel. As owner of Victory Independent Planning, LLC, Patrick works with families and non-profit organizations. He is a CERTIFIED FINANCIAL PLANNER™ professional, Chartered Advisor in Philanthropy® and an Accredited Tax Preparer. He earned a Bachelor’s degree in History from the University of Pittsburgh, and a Master of Business Administration from Arizona State University. Archives
November 2023
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Read, listen and watch media featuring comments* by Patrick Huey, CFP®, CAP®, ATP,
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*Patrick Huey was featured in the above-referenced publications. Being included in these publications does not guarantee future investment success and should not be construed as a current or past endorsement or testimonial for Patrick Huey by this publication. These publications do not suggest that any of his clients or prospective client will experience a higher level of investment performance.
The material in the website has been distributed for informational purposes only. The material contained in this website is not a solicitation to purchase or sell any security or offer of investment advice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Past performance is not a guarantee or a reliable indicator of future results. Investing in the markets is subject to certain risks including market, interest rate, issuer, credit and inflation risk; investments may be worth more or less than the original cost when redeemed. No part of this website may be reproduced in any form, or referred to in any other publication, without express written permission. Hyperlinks on this website are provided as a convenience, and we disclaim any responsibility for information, services or products found on websites linked hereto.
Patrick Huey is an investment advisor representative of Dynamic Wealth Advisors dba Victory Independent Planning, LLC. All investment advisory services are offered through Dynamic Wealth Advisors. You can learn more about us by reading our ADV. You can get your copy on the Securities and Exchange Commission website. See https:/ / adviserinfo.sec.gov/IAPD by searching under crd #151367. You can contact us if you would like to receive a copy. The tax services and preparation conducted by Patrick Huey and Victory Independence Planning are considered outside business activities from Dynamic Wealth Advisors. They are separate and apart from Mr. Huey's activities as an investment advisor representative of Dynamic Wealth Advisors.
Patrick Huey is the author of two books: "History Lessons for the Modern Investor" and "The Seven Pillars of (Financial) Wisdom"; this is considered an outside business activity for Patrick Huey and is separate and apart from his activities as an investment advisor representative with Dynamic Wealth Advisors. The material contained in these books are the current opinions of the author, Patrick Huey but not necessarily those of Dynamic Wealth Advisors. The opinions expressed in these books are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. They are intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed in these books is no guarantee of future results. As always please remember investing involves risk and possible loss of principal capital.
Victory Independent Planning, LLC. provides links for your convenience to websites produced by other providers or industry related material. Accessing websites through links directs you away from our website. Victory Independent Planning, LLC. is not responsible for errors or omissions in the material on third party websites, and does not necessarily approve of or endorse the information provided. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
The material in the website has been distributed for informational purposes only. The material contained in this website is not a solicitation to purchase or sell any security or offer of investment advice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Past performance is not a guarantee or a reliable indicator of future results. Investing in the markets is subject to certain risks including market, interest rate, issuer, credit and inflation risk; investments may be worth more or less than the original cost when redeemed. No part of this website may be reproduced in any form, or referred to in any other publication, without express written permission. Hyperlinks on this website are provided as a convenience, and we disclaim any responsibility for information, services or products found on websites linked hereto.
Patrick Huey is an investment advisor representative of Dynamic Wealth Advisors dba Victory Independent Planning, LLC. All investment advisory services are offered through Dynamic Wealth Advisors. You can learn more about us by reading our ADV. You can get your copy on the Securities and Exchange Commission website. See https:/ / adviserinfo.sec.gov/IAPD by searching under crd #151367. You can contact us if you would like to receive a copy. The tax services and preparation conducted by Patrick Huey and Victory Independence Planning are considered outside business activities from Dynamic Wealth Advisors. They are separate and apart from Mr. Huey's activities as an investment advisor representative of Dynamic Wealth Advisors.
Patrick Huey is the author of two books: "History Lessons for the Modern Investor" and "The Seven Pillars of (Financial) Wisdom"; this is considered an outside business activity for Patrick Huey and is separate and apart from his activities as an investment advisor representative with Dynamic Wealth Advisors. The material contained in these books are the current opinions of the author, Patrick Huey but not necessarily those of Dynamic Wealth Advisors. The opinions expressed in these books are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. They are intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed in these books is no guarantee of future results. As always please remember investing involves risk and possible loss of principal capital.
Victory Independent Planning, LLC. provides links for your convenience to websites produced by other providers or industry related material. Accessing websites through links directs you away from our website. Victory Independent Planning, LLC. is not responsible for errors or omissions in the material on third party websites, and does not necessarily approve of or endorse the information provided. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.