09/12/2022
🇺🇸 English
What can we expect for the end of 2022 and 2023? The year 2022 has brought significant changes, including the end of the pandemic and conflicts like the Russia-Ukraine war. How will these events impact us, and what lies ahead in 2023?
In the United States, we have witnessed the effects of these changes. As we resumed economic activities, there was a surge in labor demand and increased consumer spending. Gasoline prices soared due to the war, and supply chain disruptions from China resulted in higher costs and slower shipments of intermediate goods.
But what lies ahead?
The economy is expected to face rising interest rates. The impact will depend on the strength of our economy, ranging from minor to moderate effects but not severe.
What should we anticipate in California?
Interest rates will make it challenging to qualify for mortgages and may lead to high interest payments and less capital. Consider waiting for at least a year before buying a house. Exercise caution with credit card usage.
Trade will likely experience a downturn. Adjust costs to avoid losses. If you had plans for significant expansion, it may be wise to postpone them for now.
Employment will continue, but wages may decrease, and hiring needs will be reduced. Finding a job may become more challenging compared to the present situation.
In California, sectors such as transportation and housing will bear the brunt of the economic contraction.
While the situation may not appear dire, it's essential to take precautions and be prepared.
If you have further questions about accounting, taxes, and business, do not hesitate in contact me or write in the comments
