Economy

Affordable gas might actually be a thing again

If there is one thing everyone can agree they want to see, it’s low gas prices. Across the country, most of us are seeing a beautiful sight… average prices for a gallon of regular are going for $3.14, which is the lowest it’s been all year.

Down from $3.87 in August, smaller receipts could do a lot to keep Americans’ cost of living at bay.

So far, consumers are feeling pretty good

The Bureau of Labor Statistics said on Tuesday that, largely thanks to cheaper gas:

• The Consumer Price Index rose only 3.1% year over year in November, and just 0.1% from the previous month.

• The monthly price growth is on par with the no-increase reading in October, and lower than it was in preceding months.

After months of weakening consumer confidence, waning inflation might be making the public more optimistic about what the future holds. A recent University of Michigan survey showed that Americans have a more positive outlook about the economy and their own finances compared with last month and this time last year.

Why is gas cheaper now?

Cheaper oil is the short answer. Prices have been falling on lower demand from China and the US, coupled with more supply from increased production at home. Enhanced extraction methods are helping the US pump a near record number of barrels.

The Biden Administration has expanded drilling permits, which could further boost American oil. While Biden wants to show voters why he should be re-elected, he’s been pretty silent on why gas is cheaper. More oil drilling on US soil is at odds with the wishes of many of his eco-conscious supporters.

Be on the lookout for an economic ‘soft landing’

The economy might be due for a rebound after record high inflation gripped the nation. The so-called “soft landing” dream scenario is knocking on the door, and could lead us to the best economy we’ve had in years.

US employers added 199,000 employees to their payrolls last month (which was much more than expected), according to the Bureau of Labor Statistics. The solid result tamed many analysts’ worries that a bigger economic slowdown is on its way due to the Federal Reserve’s consecutive interest rate hikes.

This brings us closer to the coveted “soft landing” scenario, in which the Fed essentially throws a bucket of water on the smoking fire that is inflation.

• The unemployment rate unexpectedly waned for the first time since mid-summer, to 3.7%.

• Average hourly pay increased by 0.4% and is now up 4% for the year, beating the projected pace of annual price growth.

However, the job market is looking different

Last month’s 199,000 jobs created were below the average of 240,000 added in the previous 12 months. Plus, November hiring was confined to just a handful of industries.

• Healthcare and the government were responsible for nearly 70% of the headcount growth, adding 77,000 and 49,000 jobs, respectively.

• The manufacturing sector gained 28,000 workers, but that was largely due to auto-strikers returning from to their jobs.

Another sign that employers might be pulling back from hiring shows in the Labor Department’s report from earlier this week that job openings in late October were at their lowest since March 2021.

What does this mean? While more jobs and higher wages mean we’re probably not likely to have an extreme crash, it does garner higher inflation risk. The optimistic numbers make it less likely that the Fed will lower interest rates in early 2024, something that many bond traders and anyone planning to take out a mortgage next year were hoping for.

Geopolitics is a top concern for investors

Apparently investors are more focused on the Kremlin’s next move instead of anything the Fed has to say. Geopolitical risk is the most cited macroeconomic concern by 500 international investors who were asked about their 2024 outlook by financial firm Natixis.

Investors preoccupation with “geopolitical bad actors” that could disrupt global markets doesn’t come out of nowhere… The survey took place as the Israel-Hamas war erupted and amid the ongoing conflict in Ukraine, both of which have dampened investor optimism.

What’s on their mind?

In the coming year, money managers are stressing about a few things: A looming US election, rising tensions with China, the fragmentation of the world economy, and growing cooperation between Russia, Iran and North Korea. More than half of respondents saw a recession next year as unavoidable, with geopolitics ranking above other sources of potential market disruption.

• Harmful political actors are an anxiety magnet for 49% of investors, about on par with a drop in consumer spending (which sits at 48%).

• Also, central bank policy errors invoked worry in 42% of finance gurus, and 30% are queasy about China’s economic hardships.

BlackRock agrees with the larger sentiment investors are carrying, recently saying that geopolitical events now have longer lasting market effects than they used to.

Miscellaneous

Ever wanted to move to Italy? The price is much, much cheaper than you think

I’m sure many of us wish we could own a countryside house in the plains of Italy, but what if I told you it’s nearly free? The Sicilian town of Mussomeli is exactly what you’re dreaming of when you think of a tuscan Italian town. With cobblestone street, old castles, and jaw dropping vistas, what else would you want?

You may expect these homes to cost millions, or hundreds of thousands… even thousands. But you’d be wrong. Try $1.

Wait what?

You heard me. These dollar houses are the product of rural depopulation, and the race to snag these (literally) cheaper than dirt homes is getting pretty competitive. You can find plenty of success stories all over Youtube if you care to look.

The main reason these $1 houses keep popping up is because of the aging population in Italy’s rural towns. More often than not, the elderly have no one to pass ownership of their home to when they pass, making local authorities buy the property, which, in essence is rural depopulation.

As a result, the towns are relying on young people to buy the extremely cheap homes and renovate them to keep the town alive… but it does come at a cost.

What’s the catch?

While the homes may be listed at a $1, you will most likely still have to bid against others in a race to buy the property. According to The Independent, that cost might be upwards of €5,000 (or ~$5,500). And this isn’t including legal fees, renovation costs (which will be a lot), the deposit, and the time it takes to file your plans with the municipality.

And to top it off, the process would be exponentially more complicated if you’re trying to coordinate it remotely, even if you have someone there to oversee the construction for you. But, if you have the time, money, and guts to go through with it, you might just have found yourself a new vacation home.

Android users can now send iMessages, for the time being

The dream may still be alive for hopeful Android users. Less than three days after blocking the iMessaging app for Androids, Beeper has made its resurgence and is seemingly here to stay.

Beeper launched last week, only to be shut down in a matter of days when Apple imposed blocks to prevent the app from working. The company claimed Beeper “posed significant risks to user security and privacy”, which Beeper denies. Yesterday, after a short break, the app was back up and running using a new workaround.

Other companies have tried to make Android and iPhone messaging compatible, including Nothing Chats, which launched last month but was soon shut down following reports that its servers stored non-encrypted user data.

So, will the blue bubble be available to all?

Apple seems to want to keep its exclusivity regarding the coveted blue bubbles, just ask Tim Cook, who once responded to a question about Android and iPhone messaging at a conference with the directive where he said, “Buy your mom an iPhone.” However, that doesn’t mean it can’t happen.

In November, Apple said it was working on its own fix to improve messaging between Androids and IPhones as it faces pressure from competitors like Google and Nothing.

The main issue is regarding encryption, messages sent between iPhones are encrypted, but messages between iPhone and Android users cannot be encrypted without RCS (the more modern version of SMS, or short message service). Only the future will tell if Android users will finally be able to claim blue bubble supremacy.

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Grab Bag

A British museum lost over 2,000 artifacts

The British Museum lost thousands of artifacts… hope none of them were that important. While you’ve been looking for your keys the past two days, the British Museum is still looking for 1,500 ancient artifacts.

An independent review led by the world-famous museum’s trustees said 2,000 items are damaged or missing, while 350 others have had portions removed. Many of the missing objects are unregistered artifacts (mostly jewelry and gems) in the museum’s Greece and Rome departments.

While that’s a lot of missing valuables, consider that the museum holds more than 8 million artifacts… meaning that 99.9% of items are intact and accounted for. Before you judge, I’m guessing you couldn’t say the same about everything you own.

George Osborne, the chair of trustees, stated that “The British Museum was the victim of thefts over a long period… and have started to recover hundreds of the stolen items”. Of the 1,500 stolen items, about 351 have been returned to the museums collection, and more than 300 other items have been identified.

Gen Z has had enough with dating apps

I wouldn’t have expected this one. Gen Z apparently is done with dating apps. Many of us are familiar with the boring monotony of swiping through hundreds of dating app profiles, hoping to find a match while dodging catfishes and bad pickup lines.

It’s so exhausting that some users are giving up on dating apps altogether… Gen Z, in particular.

• According to a recent survey, 79% of college students are trading in apps for in-person connections.

• More old-school dating methods, like professional matchmakers and speed dating are having a resurgence, gaining more popularity as the years go on.

• Some are even finding their partners on platforms not meant for dating at all, like Duolingo, Yelp, and Strava.

Of course, if every app is a dating app, it leaves room for bad apples to exploit the rules.

• One survey found that 91% of female LinkedIn users had received romantic or inappropriate messages on the platform.

• Changing preferences have given way to a new subsection of hyper focused dating apps looking to change up from the typical pattern.

To stay in the game, large dating companies are embracing monetization through paid subscriptions. Tinder recently launched a premium subscription tier that costs an insane $500 a month, a price not too many would be willing or able to pay (I hope). But to each their own, I suppose.

Fast Facts

Cutting Costs: Why your office’s holiday party is probably going to be pretty lame this year. Don’t blame your manager.

iPhone Invention: The new Apple iOS 17.2 update comes with a new Journal app that offers topic suggestions based on iPhone activity, such as listening to a podcast or visiting a location. Certainly doesn’t sound like they’re stalking us.

Scary Santa: Check out this creepy, customizable AI Santa Claus, which is unapologetically somewhere in the uncanny valley.

Tree Trimming: There’s a Christmas tree shortage… but why? Click here to find out.

Parrot Performer: Ever seen a parrot dunk a basketball or ride a bike? Now you have.

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