A highly anticipated jobs report, a mixed bag of other economic news, the beginning of the holiday shopping (and giving) season and some other interesting news make up this week’s reading list.

Economics

• Both personal income and personal spending rose in October by 0.4 and 0.5%, respectively, but Consumer Savings dropped to its lowest level in 17 years—2.3%. After saving in the 8-9% range during much of the pandemic, spending has rebounded, and many are dipping into savings to make ends meet. (Marketplace)
• Core PCE, the favored inflation member used by the Fed, rose 0.2% in October, a bit below expectations. Personal Income and Expenditures rose 0.7% and 0.8%, respectively. (CNBC)
• The November jobs report was described as “hot.” 263,000 jobs were added in November, which sounds good, but wages were up 0.6% for the month, 5.1% y/y, more than expected, and labor force participation dropped—confounding prospects for future Fed interest rate increases and recession likelihood. (Yahoo Finance)
• Global data is suggesting that inflation may be abating. The term “transitory” has reentered the narrative. While economists expect inflation to ease up in 2023, no one is expecting prices to fall back. (CNBC)
  

Holiday Shopping

• Holiday shopping officially started with Black Friday, and did not disappoint. Despite inflation (or because of it?) online Black Friday sales surpassed $9 billion, setting a record for the day, with tech and gaming leading the charge. (Axios)
• This was followed by another record-breaking day—Cyber Monday online sales topped $11.3 billion, 5.8% above last year. TechCrunch
• The New York Times “Your Money” column has some excellent suggestions for holiday gift giving with minimal impact on our increasing credit card balances.
• ‘Tis the season for scams—be on the lookout for phishing scams this holiday season. If it sounds too good to be true, it probably is. (Vox)

Investing

• Jerome Powell delivered a speech at the Brookings Institute this week, once again reminding folks that the Fed would stay the course until the job is done. However, he hinted the rate increases may be smaller, and the markets responded. (CNBC)
• Here is one for data lovers. Of Dollars and Data runs scenarios about investing and looks at US and Global portfolio returns over 10 and 20-year periods across time. No real surprise that the longer you keep your money invested, the better you do.

Philanthropy

• The holiday spending record breaking spread to Giving Tuesday. $3.1 billion was donated on Tuesday, 15% more than last year’s giving. (USAToday)
• Students and advocates are fighting to get free period products into schools to end period poverty. (USAToday)
  

Higher Ed

• Community colleges are struggling to attract students, but the number of high school students participating in dual-enrollment is growing. (Inside Higher Ed)

Taxes

• If you use an online service to calculate and file your taxes, you may be alarmed to know how much of your data has been shared with Meta. (The Verge)

Medical Insurance/Bills

• It looks likes banks and private equity firms make out very well when if you sign up for a payment plan to pay your medical bills. (KHN.org)

Crypto

• The fallout from FTX spreads as crypto lender BlockFi files for bankruptcy. (Reuters)

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.