Double Dip Recession headed Our Way?
Broward accountant Shawny Reid’s use to adding up numbers.
And she thinks the current numbers out of the U-S Economy all add up to the same thing.
Reid says “Oh yeah, definitely, we’re going to go back to another recession”.
But she also knows it takes basically 2 consecutive quarters of negative growth, a back-to-back 6 month period, for a recession to officially be declared.
And the facts remain the overall U-S Economy continues to make very minimal gains.
But some economic forecasters are still worried.
Matt McGrath of Coral Gables Evensky & Katz says ” It certainly is possible and can’t be completely dismissed. But many economists are saying the probability of another recession is less than 50% despite our current issues. But you can’t ignore the possibility increasing”.
Closer to home, South Florida travel and tourism bookings are better than last year.
Bottom-line pricing is boosting local real estate sales.
The weak dollar is making Florida homes and condos even better deals for foreign investors.
Foreign Trade to Latin America, including Brazil and Venezuela is setting new records.
And that’s why some local businessmen like Jario Furnel say they’re not seeing any signs of a possible double-dip recession around South Florida just yet.
Furnel explains “It doesn’t really look like it to me. Our business is going strong, we ‘re seeing lot of exports, for us, things are still good”.
So what does it all mean for our bottom line?
If you haven’t gone over your investments and I-R-A’s lately, local financial planners say now’s a very good time to check with your accountant or investment professional.
They suggest families double check their spending, and consider setting up a strict budget over the next few weeks and stick to it.
But from Washington all the way down to South Florida, that’s still something that’s easier said than done.