📈 Consumers Ignite U.S. Economy

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During the third quarter, the U.S. economy exhibited remarkable resilience, with robust growth at an annual rate of 4.9% from July through September, despite facing challenges such as escalating prices.

The Federal Reserve has finally released a comprehensive triennial report, shedding light on the shifting landscape of family finances in the United States. Notably, the real median net worth of U.S. households has surged by an impressive 37% during the period from 2019 to 2022.

Both Bitcoin (BTC) and gold are on the rise. BTC has reached heights not witnessed in over 18 months, while the value of gold is nearing all-time highs. These developments are capturing the attention of investors as they fear further escalations in the Middle East.

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Markets

U.S. economy glows red hot with a 4.9% GDP reading (4 minute read)
During the third quarter, the U.S. economy demonstrated strong growth, expanding at an impressive annual rate of 4.9% from July through September, despite challenges like increased prices, rising interest rates, and widespread recession concerns. This growth marked the fastest pace in almost two years, surpassing the previous quarter's rate of 2.1%. Consumers played a pivotal role in driving this acceleration. They significantly increased their spending on various items, including automobiles and dining out, even in the face of the persistent inflation experienced over the past couple of years.

Americans Have Never Been Wealthier & No One is Happy (4 minute read)
The Federal Reserve releases a triennial report detailing the shifts in family finances within the United States. Notably, the real median net worth of U.S. households has surged by an impressive 37% during the period from 2019 to 2022, adjusting for inflation. Concurrently, the growth in total household debt over the same timeframe has been much more modest, increasing by less than 4%. So why are Americans always complaining about the economy?

With Housing, Millennials Have Much to Complain About (3 minute read)
The homeownership rate in the United States has displayed remarkable stability since the 1960s, with nearly two-thirds of households owning their homes, despite fluctuations during the housing boom and bust in the 2000s. Recent data from the Census Bureau for the second quarter of this year revealed a homeownership rate of 65.9%, reminiscent of levels seen in the late 1990s and late 1970s. But if we look deeper into the data, there has been a significant increase, particularly since 2000, in the proportion of young adults living with their parents. In the mid-1970s, young adults without college degrees were more likely to be homeowners, but over the next two decades, the job market favored college graduates, leading to a growing disparity in homeownership rates between the two groups.

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Investing

Bitcoin price flirts with level before the crypto bust (2 minute read)
Bitcoin is on the verge of surpassing its pre-May 2022 levels when the Terra USD stablecoin encountered difficulties, signaling a potential recovery. This is particularly significant because Bitcoin serves as a key indicator for the broader cryptocurrency market; when Bitcoin's value increases, it typically propels the prices of other cryptocurrencies upward. Currently, as of Thursday, Bitcoin is trading at $34,122, with a brief spike to $35,000 on Monday, remaining predominantly just below that mark. Many in the industry are speculating that the imminent approval of a spot Bitcoin ETF is driving this anticipation, drawing parallels to the impact Gold ETFs had on the price of gold back in 2004. If you’d like more Crypto coverage in your inbox, check out our FREE Crypto newsletter.

Gold price comes close to breaking $2,000 as Middle East tensions escalate (2 minute read)
Gold is currently trading near its all-time high, valued at $1,985 per ounce, and its value has been steadily rising since the onset of the Israel-Hamas conflict on October 7th. Gold, as a traditional real asset and a hedge against inflation, remains a favored investment during times of geopolitical instability, as it can help preserve purchasing power during inflationary periods and act as a hedge against declining equity markets. To provide some historical context, during the 2008 financial crisis, while the S&P 500 index dropped by 37%, the price of gold increased by 24%. Given the current expectations of a more severe global economic downturn and concerns about sustained high oil prices due to potential regional conflicts in the Middle East, gold prices may see further increases in the near future.

Tesla gets $100 mln US ultra-fast charger order from BP EV charging unit (2 minute read)
BP's Electric Vehicle (EV) charger unit is set to acquire Tesla ultra-fast chargers worth $100 million for deployment in the United States, marking the first instance of Tesla's chargers being integrated into an independent network. This procurement aligns with BP Pulse's substantial commitment to invest up to $1 billion in charging infrastructure across the U.S. by 2030 and introduces a new revenue source for Tesla, the dominant player in the EV market.

Money

What is the Average Net Worth by Age? (5+ minute read)
While it's commonly said that "comparison is the thief of joy," it's essential to recognize that benchmarking can still hold value. Often, individuals gauge their financial standing by observing the spending habits of others, using it as a wealth indicator. However, this approach doesn't always provide a clear and accurate depiction of one's financial situation. To truly benefit from such comparisons, it is crucial to dissect net worth data by age, as age correlates positively with the duration of one's career, which, in turn, correlates with savings and overall wealth.

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