Financial Literacy

A recession is a decline in economic activity lasting more than a few months. It is considered to happen when Gross Domestic Product (GDP) falls for two consecutive quarters.

The Federal Reserve is the central banking system of the United States. It was created in 1913 in response to a series of financial panics, and it is responsible for providing the nation with a stable monetary and financial system. The Federal Reserve has four main functions: conducting monetary policy, providing banking services to depository institutions, supervising, and regulating banks, and managing the nation’s currency. In addition, the Federal Reserve is responsible for ensuring that the financial system is stable and functioning properly.

The economic roller coaster of the United States continues with its seamlessly never-ending twists and turns. The Fed has increased interest rates to combat high inflation. Russia sent warning to the west for its involvement in Ukraine. Recently a report came out in eastern Texas that communities are being encouraged to stop using so much power to avoid possible black outs. The supply chain issue continues to be an issue for the administration. Not to mention student loan payments are set to resume in a couple of months.
These issues are catching the headlines however there are key economic reports that are not talked about as much in mainstream media unless you’re listening to a financial channel. Its important for us to learn some of the key economic reports, so that we won’t get caught off guard when we see a variety of changes in different sectors in our economy. There are a number of reports that are released however we will focus on the key economic reports that impact us young professionals.