Have you heard? The US economy seems to be finally picking up speed. This is the view of an increasing number of economists who are forecasting that 2015 will be the year in which the US economy finally emerges from its sub-par growth of previous years. It’s been predicted that the overall economy will increase by 3.1% in the coming year, which will mark a substantial leap from last year’s growth of just 2.2%.
The National Association for Business Economics (NABE) has confirmed that one way this growth will manifest itself is through the creation of more jobs. In November last year there was an additional 321,000 jobs created, the most in nearly three years. This figure far exceeded analysts’ predictions of around 225,000 new jobs over the course of the month. In fact, the number of jobs created in the States throughout 2014 has averaged around 241,000 each month, and although this growth hasn’t yet been reflected in salaries, that is a trend which looks set to change in 2015.
All of this comes as music to the ears of expats currently residing in the US, or those hoping to make the move across the pond this coming year. As well as more job opportunities in the USA, an improved economy will also mean expats see an increase in their salaries. An improved labour market will result in real wage gains, with hourly compensation increasing over the coming year. Higher wages mean more money in people’s pockets, and happier locals and expats alike.
This good news from the States is especially welcome as economists are less confident about the global economy as a whole. Many of the world’s developed countries have been in a period of what is known as ‘secular stagnation’ – essentially a prolonged period of slow growth. The predictions suggest that this slowing of the global economy will manifest itself through China’s economy continuing to slow, Europe’s economy increasing by just 1.2% and Japan’s by a mere 1%.
But, back in the States, expats who are looking to relocate to the ‘land of the free, home of the brave’, the future might just have got brighter. As well as the increase in job numbers, NABE has also predicted that there will be a rise in interest rates in the States in the second half of 2015. Great news for expats keeping their assets locally.
Among the group’s other forecasts was the prediction that corporate profit growth looks set to stay strong, which will translate into benefits for businesses, their employees and the stock market. House prices are also expected to continue their slow but steady rise during the year.
America has always been a country that offers a seemingly endless choice of possibilities and has long been referred to as the land of opportunity. This latest news suggests that these opportunities are about to step up a notch or two.
If you are considering a move to the USA, Cadogan Tate will assist you every step of the way – from your first enquiry  to unpacking at your new home, we are here to help and advise you. For more details about Cadogan Tate’s specialist international removals services from London, click here.
Information correct at time of publication.