Lots of economics news this week suggests that the US economy is still humming along. This week’s reading list also includes an assortment of other personal finance topics too. Happy reading!

Economics

• The Fed chief also said higher interest rates are constraining the US economy. While he acknowledged steady progress on slowing inflation, he stopped short of declaring victory, citing the economy’s resilience, according to prepared remarks ahead of a discussion at the Economic Club of New York.
• “Tight policy is putting downward pressure on economic activity and inflation,” Powell said. CNN
• Earlier this week, retail sales data was released for September and showed that consumers are still going gangbusters, as retail sales rose 0.7% month over month compared to an expected 0.3%, and August was revised up. (AP)
• This week’s release of the Fed’s latest survey of Consumer Finances shows that the net wealth of Americans grew 37% between 2019 and 2022. Buy Now Pay Later is driving an increase in holdings of debt. These articles have updates to lots of interesting data. (CNN) (USAToday)
• To get a feel for how the US compares to countries around the world, check out this Visual Capitalist graphic comparing average and median net worth per person around the world.
• Weekly new jobless claims dropped this week. (Reuters)
• Jerome Powell gave a policy speech today at the Economics Club of New York on the state of the US Economy. Pundits were scrambling to read between the lines and parse the language for hints about future Fed interest rate moves. (CNN) You can watch it yourself if you wish. (YouTube)
• This one will hit you Thin Mint lovers hard. You will have to shell out an extra $1/box for Girl Scout Cookies this year as inflation takes it toll. (NPR)

Investing

• Investing news centered on soaring bond yields this week. (Yahoo Finance)

Taxes

• The IRS announced that a free online filing pilot program will be available in 13 states next year. (CNN)

Health Insurance

• The Kaiser Family Foundation estimates that health insurance premiums will jump 7% next year on plans that employers provide. How will the increase be split between employees and employers? (CNN) (USAToday)

Career

• The number of college students graduating with an accounting degree has dropped by the largest percentage in almost thirty years, suggesting the shortage of accountants is going to get worse. (WSJ-subscription may be required)
• Work from home statistics drop to the lowest level since the pandemic. (Fortune)

Financial Literacy

• Will wider adoption of a personal finance requirement bring up math scores? Check out this interesting article. (TulsaWorld)
• Read about how a school district in Wisconsin is teaching personal finance ahead of the state voting on making it a graduation requirement. (The Freeman)

Just Because

• Finally, an airline is doing what I have been arguing for forever! United will board those with window seats first to speed up the boarding process. (NYT)

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.