Clark Biweekly 9 2 24

Author

Anthony Hazzard
September 02, 2024

Did you know that things like lipstick and underwear can gauge the economic health of the U.S. economy? Learn more later in this email.

💵 Today’s Top Stories
Roadside

It may be tempting to purchase roadside assistance when you buy car insurance. But it’s usually a horrible idea, as Clark explains. Read more.

Costco Wholesale warehouse

Costco is increasing membership fees for the first time since 2017. Here’s how to temporarily avoid the increase by acting today. Read more.

Customer Service

It’s natural to get flustered and upset when a customer service agent isn’t interested or helpful. Rather than get angry, here are Clark’s seven steps for getting what you want. Read more.

Robo

Scammers steal tens of billions of dollars from upstanding American citizens each year. Here are the most common scams and how to play defense so you don’t become a statistic. Read more.

Discount

What a great month. TVs are on discount in time for football season, travel gets cheaper with school back in session, laptops and grills are on sale and it’s National Cheeseburger Day. Read more.

🏠️ Today’s Current Mortgage Rates

According to Freddie Mac, 30-year mortgage rates are 6.35% and 15-year rates are 5.51% as of August 29, 2024. The following chart shows the 30-year mortgage rate trend over the last year.

📈 The Newest Economic Gauge: The Sausage Index?

Sometimes the strangest of items can help gauge the economic health of the U.S. economy: lipstick, underwear and cardboard boxes, just to name a few.

According to the Dallas Federal Reserve, you can add sausage to that list.

“As the economy weakens, we are seeing modest growth in our category of dinner sausage. This category tends to grow when the economy weakens, as sausage is a good protein substitute for higher-priced proteins and can “stretch” consumers’ food budgets,” the Dallas Fed relayed in its Texas Manufacturing Outlook Survey.

The Wall Street Journal reported in February that Americans spent 11.3% of their disposable income on food in 2022, the most in 31 years.

The U.S. job market looks more pessimistic than it has in a long time. The Fed seems like a near-lock to cut interest rates in September.

But could it really be as simple as once carefree families trading steak and chicken for sausage?

It’s definitely a sign of changing times. Even with inflation raging the last few years, post-COVID-19 lockdown, Americans engaged in revenge spending in categories like travel and restaurants. All the while, we depleted our savings and ran up huge credit card debts.

With the labor market showing weakness and some Americans finally tightening their spending, it seems that falling interest rates will be a welcome trend for many.

📊 Stat of the Day

💎2,492: Carats in a diamond unearthed recently in a Botswana mine. It’s the largest diamond found since 1905 (3,106 carats). A smaller diamond from the same mine sold for $63 million in 2016. Blown away by the price tag even of small diamonds? Clark likes the value in lab-created diamonds.

💰️ Deal Alert: Today’s Top Deals
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🎙️ Podcast

It’s time for "Clark Stinks!" Christa reads the latest "Clark Stinks!" submissions and Clark responds. Also, it’s Labor Day weekend. Clark has a simple message to employers: treat employees well!

☎️ Need Money Help?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

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