Hi, everyone. We hope you all had a happy 4th of July. Today we look at the U.S. Jobs report for June, showing an added 224,000 jobs. Markets show a strong jump at over 2% for the 10-year Treasury note. We look at the comparison between a Lump Sum or Annuity over the long term to answer the important questions about the differences, and what that might mean for you. When it comes to money savings, it’s best practice to understand Fed rates and how they impact your money, and how you’re stashing it. And it’s reported that Will Smith and Nas have invested in a new app that plans to provide financial literacy and access to resources to teens, addressing the gap in financial literacy among the youth.
Payroll growth rebounded sharply in June as the U.S. economy added 224,000 jobs amid concerns that both the employment picture and overall growth picture were beginning to weaken. The unemployment rate edged up to 3.7%.
The 10-year Treasury note yield rocketed back above 2% on Friday after the government’s monthly jobs report showed much stronger-than-expected employment growth in June than anticipated.
Recently one of my colleagues at RWM asked for my thoughts on a problem one of our clients was facing. Our client had recently been informed that their pension was shutting down and they had to decide on how to be paid out.
Since the Federal Reserve raised the federal funds rate nine times in three years, the highest yielding rates are now paying as much as 2.5%, up from 0.1%, on average, before the Fed started increasing its benchmark rate in 2015.
Will Smith and Nas have reportedly invested in the teen financial literacy app, Step. The app, which is Apple Pay-integrated, will enable teens to access bank accounts with no minimum balance, no fees and advice on how to manage their money.