The U.S. economy is in an in-between moment — steady in some areas, shaky in others. Not booming, but also not in crisis. And that kind of uncertainty can feel confusing when you’re trying to make smart choices for your family, your job, and your future.
Where the Economy Stands Today
- Prices remain high. Inflation has cooled from its peak, but everyday items like groceries, car insurance, and rent are still more expensive than before. Wages have risen, which helps, but for many families, it still feels like treading water.
- Jobs are available, but employers are cautious. Unemployment is low (4.2% as of the latest jobs report), and many sectors are still hiring. But we’re seeing signs of a slowdown: job openings are down from last year, and some companies are scaling back on staff or freezing new hiring.
- Borrowing is harder. With interest rates at their highest levels in years, loans for cars, homes, and credit cards are more expensive. These rates are helping slow inflation, but they also limit buying power for many families and small businesses. Economists expect the Federal Reserve to begin gradually lowering rates later this year, depending on inflation and job trends.
- Consumer debt is rising. Many Americans are relying more on credit cards to cover daily expenses, and some are only making minimum payments. It’s a sign of growing financial pressure despite a strong job market.
- The housing market is tight. Even in St. Louis — where housing is generally more affordable than many other major metro areas — rents remain elevated. While prices aren’t rising as fast as in recent years, affordability is still a challenge, especially for first-time buyers and renters trying to build savings.
- Growth is steady, not spectacular. The economy is still growing, but more slowly. Consumer spending is solid, while business investment is mixed. Global uncertainty — like geopolitical conflicts and supply chain shifts — adds to the cautious tone.
What Does This Mean for Union Members and Families?
Stability matters more than ever. It’s a time when good jobs with fair pay, strong benefits, and job security are worth fighting for — because not everyone has them. It’s also a time when preparation and unity matter. The next few years may bring more changes, but there are steps you can take right now to strengthen your financial footing.
What Can You Do Now to Prepare for the Future?
- Focus on your budget. Review your income and expenses regularly. Are there areas you can trim back? Even small changes — like canceling a subscription or cutting back on takeout — can make a big difference.
- Bolster your savings. Emergency savings are your first line of defense against the unexpected. Don’t have one? It’s never too late to start. Aim to save enough to cover 3 to 6 months of essential expenses. Start small and stay consistent. Even $20 per paycheck adds up over time.
- Manage debt wisely. Prioritize paying off credit cards and other high-interest loans. If you’re juggling multiple debts, consider consolidation to streamline payments and potentially lower your interest rates. Try to avoid taking on new debt unless absolutely necessary.
- Invest in your career. Now’s a great time to update your résumé and explore skill-building opportunities. Many unions offer training and certifications that can boost your job security or open new doors.
- Don’t neglect your retirement fund. If retirement is years away, stay the course and let your investments ride out the bumps. If you’re nearing retirement, talk to a financial advisor about smart withdrawal strategies to minimize taxes and penalties.
- Know your benefits and protections. Review your union contract and learn about unemployment insurance, healthcare options, and other resources available if your hours are reduced or your job changes unexpectedly. Many unions and community organizations offer financial counseling, job support, food assistance, and more.
At Midwest BankCentre, we’re here for you — not just when times are easy, but through every chapter. Our team is ready to help you make confident financial decisions and protect what you’ve worked so hard for. Call us at 314-631-5500 or visit MidwestBankCentre.com. Together, we can build a more secure future — no matter what the economy brings next. It Matters Where You Bank.
Originally published in the Labor Tribune’s May publication by Wes Burns, Executive Vice President of Community and Economic Development.