Cruisin’

By Matthew Gutierrez and Shawn O’Malley · July 29, 2024

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?? Happy Monday, folks. As gold medals start getting handed out at the Paris Olympics, athletes aren’t the only ones repeating rewards from gold — the metal’s prices keep climbing.

Gold has risen 20%-plus over the past year amid geopolitical tensions, its reputation as a store of value, and purchases by China and other central banks looking to diversify from dollar-based assets.

— Matthew & Shawn

Here’s today’s rundown:

Today, we'll discuss the biggest stories in markets:

• The changing economics of America’s rural towns
• The cruise industry’s best hope

This, and more, in just 5 minutes to read.

POP QUIZ

McDonald’s reported softening sales on Monday. What was the famous chain’s original price for its hamburger? (Scroll to the bottom to find out!)

Chart(s) of the Day

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In The News

???? The Changing Economics of America’s Rural Towns

Some mid-size cities and suburbs are thriving post-Covid. But in some parts of the country, there are not nearly enough willing and able workers to fill open jobs.?

Case study: Take the small town of Ashland, nestled in northern Maine, which thrives thanks to the dedication of people like Lendell Tarr. With a population of about 1,200, Ashland relies heavily on Tarr, who, at 65 years old, wears many hats to keep the town running smoothly. What retirement?

• As recreation director, Tarr organizes and oversees the town’s sports programs, ensuring local children can access recreational activities. He also drives Little League players to their away games. He cleans the town office, assists seniors by taking them out for meals, mows the cemetery lawn, and even steps in to drive ambulances and school buses when needed.
• But Tarr wants to retire. “Fishing is calling me,” he admits, highlighting his desire to step back — a prospect that worries the town manager, who grapples with replacing Tarr. “He just can’t retire,” Martin states. “There’s no way I could have another Lendell doing the lawns, the bus driving.”

Multiple hats: Ashland's struggle to find and afford workers is not unique. Small governments across the U.S. face similar issues, often leaving remaining employees to pick up the slack, according to a new report from The Wall Street Journal headlined: “Rural Towns Are Aging, Cash-Strapped and in Desperate Need of Workers.”

Other residents may serve as the town’s deputy clerk, assistant librarian, and volunteer firefighter, and some joggle roles as police officers and the town’s code enforcer.

A country of towns: America’s big and medium cities dominate headlines, but the U.S. is dominated by small towns scattered between urban centers.??

So, it’s no surprise that the rural town employment issue extends beyond places like Ashland, Maine. In Texas, about two-thirds of cities with populations between 3,000 and 5,000 lack a finance director.

Why it matters:

Many smaller cities face similar shortages, often resulting in employees without financial management experience stepping in, which can lead to...