Hey, Your LetmePayday Newsletter For 27 September 2022

This is your Newsletter. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ [LPB]( [LPL]( [LetmePayday Newsletter]( You Might Like     [Learn more about Jeeng](  [How Is the US Economy Doing?]( [How Is the US Economy Doing?]( Economic indicators help determine the health of the economy. The following six facts give a snapshot of how the U.S. economy is doing. Economists call them leading economic indicators because they measure the early influencers of growth. - The unemployment rate has remained low during 2022. The unemployment rate was 3.7% in August 2022. That number was a slight uptick from the 3.5% seen in July, which equaled the pre-pandemic rate and is low by historical standards. - Real gross domestic product (GDP), often touted as a measure of the overall economy, fell for the second consecutive quarter in Q2 2022, dropping 0.6% in the second quarter and 1.6% in the first quarter of 2022. - Orders for durable goods like machinery and equipment decreased by 0.1% in the second quarter of 2022, while nondurable goods (pharmaceuticals, food, and lodging) fell by 3.7%. - In September 2022, The Federal Reserve Open Markets Committee increased interest rates by 0.75 percentage points again, with a target range of 3% to 3.25%. - The Consumer Price Index increased by 0.1% from July to August 2022. Over the last twelve months, prices on all items increased by 8.3%. - The stock market overall sustained growth during the previous year, but in January 2022 the S&P 500 and Nasdaq dipped significantly, and both indexes were low and erratic into March before regaining ground in April. In June the S&P 500 dipped into a bear market, 20% below its recent peak. By September, the index had gained back some of that ground but was still well below its peak. Keep reading to learn how the U.S. economy is doing. Jobs and Unemployment The economy added 315,000 jobs in August 2022 employers continued to hire steadily. In the monthly jobs report, the Bureau of Labor Statistics surveys how many workers businesses added to their payroll. It doesn’t count farmworkers because farming is seasonal. [[icon] Read MoreÂ](  [Ready to request funds?](  [Is a long-term car loan a good idea?]( [Is a long-term car loan a good idea?]( Purchasing a vehicle takes a lot more than just choosing whether to get an SUV or sedan in black or red. You must also determine how long you want your vehicle and, if you’re purchasing the vehicle with a loan, you’ll also have to determine the repayment terms you can afford. The longer your loan term — typically ranging from 24 to 84 months, or two to seven years — the cheaper your monthly payments will be. But remember, a lower monthly payment doesn’t come without drawbacks, including potentially costing you more over the long term. For most drivers, a long-term car loan is not a good idea. Reasons to avoid a long-term car loan Longer-term car loans are attractive because the monthly payments will be smaller than those with a shorter-term car loan. Though they allow you to buy a more expensive car while still making the payment affordable, long-term car loans can place you in a worse spot financially if you’re not careful. More likely to become upside down on the loan A longer loan term means you are more likely to be upside down on the loan at some point in the future. Being upside on an auto loan means you owe more than the car is worth. This is because a larger portion of the monthly payments early in the loan will go toward paying interest rather than the principal owed. [[icon] Read MoreÂ](  You Might Like     [Learn more about Jeeng]( Connect with LetmePayday on Social Media Pages [Facebook]( [Linkedin](    [Unsubscribe](