Consumers’ confidence shoots up; construction spending slips; the week ahead …

In the holiday-shortened, final week of 2014, economic news was mixed but mostly upbeat, led by an increase in consumer confidence.

The Present Situation Index, which is a component of the Confidence Index and measures how consumers view current economic conditions, hit its highest level since February 2008.

But construction spending on public projects took an unexpected downturn.

To read more, click here.

Your End-of-Year Gift from the 113th Congress

Passed at the last minute by Congress, the Tax Increase Prevention Act of 2014 extends retroactively for one year (through 2014) a series of popular tax incentives that had expired at the end of 2013. Taxpayers will be able to claim these tax incentives on their 2014 tax returns, filed in 2015. Action to extend beyond 2014 or make permanent these tax incentives will fall to the next Congress.

Click here to read the full list.

Wishing you a Safe and Happy New Year,

George

The Reality of Long-Term Care

Insurance companies, government agencies, and the financial media frequently release data on long-term care. They may include the cost per day in different States, the projected number of boomers who will require such care in the future, and the odds that you’ll be among them. And I’ve offered advice on how to prepare yourself and your family in A Boomer’s Guide to Long-term Care.

Some people heed this information and advice, but most don’t.

I believe that unless you have been front and center of helping a loved one who actually needed long-care treatment, it is difficult to appreciate what is actually involved.

So if you haven’t developed a strategy to deal with long-term care, here is a heart-touching story of one woman’s journey you should read.

Americans Fall Short on Retirement Savings

Americans are not saving enough for their retirement, at least that’s what the numbers are telling us.

Click here for the full story and many thought-provoking comments.

Will Minimum Wage Hikes Squash Job Growth?

On November 7, I wrote about minimum wage hikes. The number of reader comments was impressive. Click here to read the full article.

GDP beats forecasts; home sales fall; the week ahead …

The U.S. economy grew faster during the third quarter than at any point since 2003, according to the latest report on the nation's gross domestic product. But other economic indicators weren't quite in alignment. Both existing-home and new-home sales, which have been inconsistent this year, declined last month.

To read more, click here.

Fed signals patience; CPI posts largest drop in 6 years; the week ahead …

A closely watched statement from the Federal Reserve this week set the stage for the central bank to pivot away from its longstanding near-zero interest rate policy and potentially begin to make gradual interest rate hikes in mid-2015. Other economic data released revealed a drop in consumer prices, an increase in leading indicators, and a slowdown in residential construction.

To read more, click here.