The Commerce Department said GDP grew at an annual rate of 5.7 percent during the fourth quarter, easily topping economists’ forecast of 4.5 percent.
Concerns have been mounting that potential new regulations coming out of Washington could upend a fragile economic recovery. President Barack Obama’s calls last week to restrict trading by big financial institutions helped spark the sell-off. He has provided scant details about the bank overhaul plan to help alleviate any concerns.
The president is planning to announce further details about a plan to provide small businesses with tax credits that boost hiring. A high unemployment rate — it remains at 10 percent — is one of the biggest obstacles the country faces as it tries to recover from the worst recession since the Great Depression.
The strong fourth-quarter provides the strongest sign yet the economy is recovering. The report showed consumer spending increased and there was a sharp jump in business spending on equipment and software.
The Chicago PMI jumped to 61.5 in January from 58.7 in December, beating expectations. Economists had projected the Midwest manufacturing gauge would slip to 57.2.
And consumer confidence hit a two-year high in January: Reuters and the University of Michigan said their gauge of confidence jumped to 74.4 at the end of January from 72.5 in December. That was better than the 73 economists had expected and the highest since January 2008, a month into the recession.
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Jim has worked as a Portfolio Manager & Financial Advisor since 1996. In May 2005, Jim founded WHI Financial Services, LLC, WHIFinancial.com, a Registered Investment Advisory firm, with headquarters in Texas. His primary focus is on portfolio management, financial & retirement planning, and financial advisory & insurance services. Jim manages investment portfolios & advises individuals, small to mid-size companies, and non-profit organizations on a variety of financial and business issues.
Prior to founding WHI Financial Services, LLC, Jim worked as a portfolio manager & financial advisor for two international investment firms. From 2001 to 2005, Jim worked with Prudential Securities (merger with Wachovia Securities, now Wells Fargo Financial Advisors), and from 1996 to 2001, he was working with Merrill Lynch. While working with both Wachovia Securities and Merrill Lynch, Jim enjoyed dual responsibilities as a portfolio manager, financial advisor and leader of the Professional Development Program.
Jim's responsibilities as leader of the Professional Development Program included, recruiting, interviewing, training, and overseeing the daily operations of all financial advisors involved in the Professional Development Program. Jim was responsible for managing between 10-20 advisors, while still managing his own client investment accounts.
In addition to his experience in the financial services area, Jim has been involved in several start-up companies. Jim's Philanthropic work includes serving as President/Treasurer of a private foundation established to provide non-profit organizations financial assistance, and Chairman/President of the Believe In Your Dreams Foundation. In 2007, Jim established the Believe In Your Dreams Foundation, a 501(c)3 organization, to help individuals who are suffering from life-altering circumstances beyond their control.
Jim has taught investment, insurance, and credit repair classes through continuing education at universities in CA & TX since 1997. Jim attended the University of Minnesota where his focus was Management & Marketing.
Jim has recently written two books, one called "Your Financial Lifecycle" a book which describes several key investment topics everyone will face throughout their life, and a book titled, "The Truth about Your Credit Score", which defines how credit scores are calculated and how you can increase your credit score, including templates which you can use to send to creditors.
Jim's books can be purchased on Amazon.com, via Author search, or by emailing him directly at JimWigen@GetWealthyStayWealthy.com.
In the Fall of 2011, Jim will be starting his radio show called, The Jim Wigen Show, Teaching You to Get Wealthy & Stay Wealthy. You can hear his shows through streaming audio by visiting JimWigen.com.
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