The headlines this week cover the ongoing and confounding ups, downs and mixed messages about the economy and investment markets, and the highly anticipated July jobs data surprised everyone!

Economics

• This is a great article from Quartz that demonstrates just how unusual today’s economic picture is as we try to get past the pandemic by highlighting all the paradoxes.
• Did output really decline in the first half of 2022? Here is a slightly different take on the data from The Overshoot.
• The interest rate on the 30-year mortgage came back down this week, dipping just below 5%. (Yahoo Money)
• The Jobs number for July came in at 528,000, about double the expected number, and unemployment dropped to 3.5%.  Average hourly earnings ticked up more than expected at well.  (Yahoo Finance)

Investing

• Move over Game Stop—AMTD Digital is the latest meme stock that makes the Game Stop story pale in comparison. (Yahoo Finance)
• The Irrelevant Investor takes a similar approach to explaining what is going on in the markets as the Quartz article does for the economy.
• 65% of Americans are afraid of stock market losses and are not buying into the market when prices are down and they should be taking advantage of the discount. (CNBC)

CRYPTO

• Eleven people have been charged by the SEC alleging their Crypto trading scheme called Forsage was really a Ponzi scheme. (CNBC)
• Crypto startup Nomad has suffered $200 million of losses due to hackers. (CNBC)

Budgeting and Credit Cards

• The year-over-year increase in credit card debt is the largest in 20 years. How much of the 13% increase is caused by inflation (because the prices of what we buy is higher), and how much is because inflation leaves people without alternatives? (CNN)
• Lending Club and Bank of America released the results from their 12^th annual Reality Check: Paycheck-to-Paycheck research series (survey). Would you be surprised to learn that 61% of Americans are living paycheck to paycheck? (PRNewswire)

Personal Finance

• Interested in the money habits of millionaires? (CNBC) I spent 5 years interviewing 225 millionaires. Here are the 4 types of rich people and their top habits

Insurance

• Apparently the rate of uninsured (health) Americans hit a record low. Thanks to the extended subsidies for the ACA under the American Recovery Plan in 2021, that number dropped to 8%. The subsidies are temporary, and it remains to be seen if they will be extended. (Axios)

About the Author

Beth Tallman

Beth Tallman entered the working world armed with an MBA in finance and thoroughly enjoyed her first career working in manufacturing and telecommunications, including a stint overseas. She took advantage of an involuntary separation to try teaching high school math, something she had always dreamed of doing. When fate stepped in once again, Beth jumped on the opportunity to combine her passion for numbers, money, and education to develop curriculum and teach personal finance at Oberlin College. Beth now spends her time writing on personal finance and financial education, conducts student workshops, and develops finance curricula and educational content. She is also the Treasurer of Ohio Jump$tart Coalition for Personal Financial Literacy.