Thanks - appreciate the advice. And, yes, we are both well under 50. She's been in the non-profit work force for most of her career but prior to this one, the retirement plans were always pretty well-matched and had what I would consider a traditional amount of self-direction and reasonable fees. The flip side, is that she works on a pretty nice semi-farm less than 3 miles from our house so it's a pretty sweet work-life set-up with 2 kids <3.
Job growth numbers crush estimates...Unemployment is at its lowest level since 1969. Stocks crash. Isn't the market funny sometimes? (Yes, I understand why.)
Not really crashing; as of 3:00 PM EST, the Dow Jones 30 Industrial is down 230 points or .68% - not a very big down day, given the volatility of the markets over the past 14 months or so. But, yea, "good news" (as in more people being employed) is considered "bad news" by many investors because they worry this robust employment number will encourage the Fed to keep raising interest rates (to cool down the economy and inflation). I'm actually surprised the market is not down more today and I consider it a "bullish" sign for short and intermediate-term stock market performance, if you're a short-term trader.
Eh, I was laid off last week. Sucks big time. However, I'm seeing no shortage of jobs for programmers with my skills. I'll hopefully land something this month.
The tech layoffs are big news, but more alarmist than a cause for concern. Thanks to the FAANG companies massive salaries and hiring sprees a lot of companies out there are starving for nerds like me to go work there. This will help relieve some of that demand and hopefully allow smaller companies to grow, which is what the economy really needs.
I wouldn't worry about the economy until construction, housing and manufacturing start taking hits. I'm actually quite surprised how much housing is holding up right now. Of course, the folks that are in sub 3% loans aren't going to be in the mood to move anywhere and with the rise of the remote worker, not many have to move.
Sorry to hear about your employment situation. Hope you find something else very soon. Around where I live, the real estate market has definitely slowed down; not sure if it is entirely due to rising mortgage rates (although rates have been coming down lately); very high asking prices; or a seasonal slow down. But I'm just amazed when you look at the stock prices of the publicly-traded home builders - Toll Brother, KB Homes, Pulte Home, etc - that are up 40 to 50% in the last two months or so. I'm not sure we're going to see the housing industry take huge hits, IF the unemployment numbers stay this low (3.4 to 3.5%). People need a place to live and will buy, if they have the income to support the necessary mortgage.
Well, the Dow is not a very good proxy for the market. It's only 30 stocks. VTI and S&P 500 are down more than 1%. Still, I agree that's hardly "crushed" and I definitely overstated. I meant to simply suggest that the market went downward on the news. Agreed with your post.
Sometimes the personal investor content engine needs to calm down.
“President Biden warns that the risk of nuclear 'Armageddon' is at its highest point since the Cuban Missile Crisis — 3 top stocks to consider if tensions keep rising“
https://subgameperfect.substack.com/...treet-nihilist
This economist's take on Bernie Madoff and the recent Netflix documentary.
Yep, I'm wearing myself out with interviews. Things are progressing so hopefully one of three interested companies will pop an offer next week.
I'm wondering if I worked as hard at my old job as I am at finding a new one if I wouldn't have been laid off. Something to think about for the next job. Not starving is a motivating factor.
eta: we have never lived paycheck to paycheck, so the "not starving" is really just for humor. I understand there are people who live paycheck to paycheck and would be in that position. Thoughts and prayers to people that are.
Sold a bit into today's meltup. I think we are in a bull market, but tomorrow could be ugly depending upon the CPI numbers. And there are sources suggesting that the numbers will be running hot because of re-weightings of the components.
https://www.bls.gov/cpi/tables/relat...ation-2023.htm