News & Updates
We've Moved
We have moved into our new office in the Cannery District. The larger space gives our growing team more room to work and better accommodates both our tax and wealth management services. We are excited to finally be settled in after a busy year of growth and transition. We look forward to welcoming clients to the new office.
Investment Services Available by Referral
Monteith Wealth has grown significantly over the past several years, and we are grateful for the trust our clients and community have placed in us. To ensure we continue providing the level of service our existing clients expect, we are now accepting new investment clients by referral or through our tax practice. We will continue to welcome new tax clients, and tax clients who would also like help managing their investments are welcome to discuss those services with us. This change will allow us to remain focused on the clients and families we serve while continuing to grow at a manageable pace.
The Economy Is Slowing, Not Stopping
Economic growth cooled during the second quarter, with real GDP increasing at a 1.5% annual rate, down from 2.1% in the first quarter. The labor market has also weakened, with the economy losing 23,000 jobs in July and earlier job estimates being revised lower. Unemployment remains relatively low at 4.1%, so this is not yet the type of deterioration normally associated with a recession. For now, the economy appears to be slowing rather than contracting. That distinction will be important to watch during the second half of the year.
Inflation May Be Improving
There was some welcome news on inflation in July. Consumer prices rose just 0.1% during the month, while annual inflation eased slightly from 3.5% to 3.4%. Core inflation, which excludes the more volatile food and energy categories, was 2.5% over the past year. Inflation is still above the Federal Reserve's 2% goal, but the combination of cooling prices and a weaker labor market gives the Fed more reason to be patient before raising interest rates again. For consumers and investors, a gradual slowdown in inflation without a recession would probably be the best possible outcome.