CHARLOTTE, N.C. — As we get ready to wrap up this year, many people are including a new budget in their New Year's resolutions.
It's why WCNC Charlotte has been keeping tabs on some of the key indicators of the country's economy, and what it means for your wallet.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
We’ll start with paychecks first.
Economists across the country have said wages are up, but only by about 0.5%.
Charlotte-based wealth expert Jud Gee explained why it matters.
"Sure, there’s a lot of jobs being added and unemployment is low," he offered. "But has wage growth come up with inflation? Well, until basically this month, that had not been true."
The statistics say wages are starting to keep up with inflation, but the money we’re taking home is fighting to cover all the bills. Still, economists contend the country is headed toward success.
Many are calling it the "Goldilocks principle": the success of increasing inflation while avoiding a recession. Doing so means the country is headed towards what some call a soft landing.
Gee shared how he defines a recession.
"Two consecutive quarters of negative GDP, which in my mind was, as an economist, technically was a recession, but not really because of all these other factors like unemployment staying low," Gee said.
That negative GDP just means people across the country are spending less than they did the quarters before, which Gee said did happen earlier this year. So, as for whether the U.S. will hit this soft landing heading into 2024, that’s not clear.
Housing expenses are still historically high, as well as goods and services -- but people are still spending. With this in mind, Gee’s advice is to wait and see.
"Only time will tell," he added.
Contact Kia Murray at kmurray@wcnc.com and follow her on Facebook, X and Instagram.
WCNC Charlotte's Where's The Money series is all about leveling the playing in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.