Diamond News

The economy is doing great, according to most estimates[1].

Jobless claims dipped to 228,000 in early May and the U.S. labor market is on track to break the record for the longest expansion on record[2]. Mortgage rates have hit their lowest level this year[3]. Consumer sentiment rose to a 15-year high of 102.4 in May[4], up from 97.2 in April, helped in part by a decade-long bull market. But not everyone is A-OK.

“Many adults are financially vulnerable,” according to the Board of Governors of the Federal Reserve System. “In addition, volatile income and low savings can turn common experiences — such as waiting a few days for a bank deposit to be available — into a problem for some.” As a result, people supplement income through gig work and seek financial support from family members.

‘Many adults are financially vulnerable.’
—The Board of Governors of the Federal Reserve System

The rich benefit from a rising stock market. The richest people in the U.S. have increased their share of stock ownership over the last 30 years, Daan Struyven, senior economist at Goldman Sachs GS, -1.71%[5] said recently. “The wealthiest 0.1% and 1% of households now own about 17% and 50% of all household equities, respectively, up from 13% and 39% in the late 1980s,” he said.

This gap between the rich and everyone else can be seen in overall stock ownership. Just over half of Americans own stocks, this Gallup report...

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