36 THE QUEENS COURIER • NOVEMBER 15, 2018 FOR BREAKING NEWS VISIT WWW.QNS.COM
TAX TIPS
Job Growth Pushes
Americans’ Financial
Well-Being to Record High
BY JOHN SAVIGNANO, CPA
Inflation was the only negative indicator to worsen in the
AICPA’s index. Stock market gains and job opportunities
improved the average American’s financial outlook in the
second quarter of 2018, according to the AICPA Personal
Financial Satisfaction Index (PFSi). The index measured
27.7, a record high.
The PFSi weighs positive and negative economic influences
on Americans’ financial well-being. A positive rating
means financial pleasure outweighs financial pain.
Most indicators of Americans’ financial satisfaction
trended up in the second quarter. Job openings set U.S.
records in January, March and April with most opportunities
created in the private sector in professional and business
services, trade, transportation, warehousing, utilities,
and other industries. Most growth was in the West and
Midwest.
The PFS 750 Market Index, a proprietary stock index,
climbed 5.2% from the previous quarter to set a record at 89
points. The information technology industry has led stock
market growth both in the quarter and the past year, while
the real estate and telecom sectors lost ground. Investors
should maintain a balanced portfolio amid this growth. It is
prudent for investors to revisit their asset allocation, keeping
in mind the importance of holding safer assets intended
to dampen the volatility of the overall portfolio. Given the
pickup in market volatility in 2018, investors should tune
out the noise and maintain focus on their long-term goals.
Three measures of Americans’ financial discomfort continued
to improve compared with the prior year and quarter:
loan delinquencies, underemployment, and personal
taxes.
One indicator, inflation, rose substantially from last quarter.
The annual inflation rate reached 2.3%, up from 1.7%
the previous quarter, and higher than the Federal Reserve’s
target of 2%. As measured by the PFSi, inflation reached a
six-year high.
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