MUSIC

Country Music Is Experiencing a Renaissance Thanks To New Talent, Mainstream Crossovers, and Big Stars

The US government stores billions of dollars worth of gold at Fort Knox, but 150 miles southeast, there’s an even more impenetrable fortress in the heart of Tennessee — the country music industry. In Nashville, far from musical hubs like New York and Los Angeles, generations of songwriters have largely shaped country music within the framework of white, traditional, and Christian influences. But newcomers are breaking the mold — and reviving the genre.

Country craze: Long associated with God-fearing lyrics, truck-toting stanzas, and southern drawls, country music is experiencing a renaissance. With the help of Millennials and Gen Zers, the old-fashioned genre has found new life in the streaming era. According to Luminate, country music streams rose 23.7% year-over-year, making 2024 a landmark year for the genre’s popularity.

• With their recent releases, young stars like Morgan Wallen, Zach Bryan, and Lainey Wilson have dominated the airwaves (and Spotify charts).

• Last year, Wallen’s album “One Thing at a Time” spent 16 weeks atop the Billboard 200 — nearly double the time of any other artist.

Country’s Crossover Moment

Mainstream pop artists like Noah Kahan, Post Malone, and Beyoncé have ventured into the country boom — boosting the genre’s profile. Lana Del Rey is set to release her country album in September, and other major artists, including Ed Sheeran, have expressed interest in a country transition. This movement is spreading overseas as well.

• On Jul. 4, Morgan Wallen, known for blending country, rock, and pop, set a record for the biggest country concert in the UK with a sold-out show of 50K people.

• Range Media Partners co-founder Matt Graham told Billboard that the infusion of country into other styles is “good for making the genre international.”

Beyond music: Music and fashion often intertwine — and that’s evident now, with cowboy hats’ popularity jumping 400% in March compared to the previous year. Country music’s increasing influence has spurred a resurgence in Western fashion — and in turn, the companies selling that apparel.

Read: America’s Western Clothing Craze Has Fueled Denim’s Stylish Comeback

PARTNERED WITH VANTAGEPOINT AI

Introducing the “Profit Paradigm”

Imagine trading within a framework that not only reduces emotional stress but also enhances your timing for perfect trade setups. This is more than just a tool; it's a game-changer to capitalize on explosive stocks in July.

Here’s why the ”Profit Paradigm” is a must-have:

1. Advanced Forecasting: A.I. predicts price action 1-3 days in advance, giving you a significant edge. Goodbye guesswork and hello precise market insights.

2. Emotion-Free Trading: Make informed decisions without the emotional rollercoaster, leading to more consistent and confident trades.

3. Optimal Entry and Exit: Perfect your trade timing with pinpoint proven accuracy up to 87.4% to enter and exit at the ideal moments.

The “Profit Paradigm” isn't just a concept — it's a reality you can experience today.

Watch LIVE to see how it can transform your investing.

LARGECAP RECAP

💸 Slowing Demand in the Service Sector Spells Trouble for the Economy

It’s all business as usual until the service sector decides to take a break(down). In June, the Institute for Supply Management (ISM) index, a key measure of the service sector’s economic health, fell to 48.8 from 53.8 in May. Historically, any figure below 50 signals contraction, indicating a potential slowdown.

• Service-providing businesses make up 86% of US jobs, so a continued slowdown in demand could lead to reduced hiring and possible job cuts in the sector.

• Hiring has already slowed, with an average of 168K jobs added monthly from April to June — down from 241K jobs in the first three months of 2024.

Fiscal heartburn: All sectors are feeling the pinch — spending at restaurants and bars has dropped, while retail and temporary help sectors are seeing job losses. This downturn is part of a broader moderation in overall consumer spending, which drives 70% of the US economy and has been affected by high inflation, elevated interest rates, depleted pandemic savings, and rising debt. ING’s James Knightley noted, “Consumers are key to where the US economy goes... we’re starting to see stress in more and more households” (CNN).

Job market shifts to “Big Stay” era: Following the “great resignation,” workers increasingly prioritize stability over job-hopping. Rising job satisfaction, shrinking pay premiums for switchers, and the challenges of job searching drive this trend. [Read]

Microsoft exits OpenAI board: Microsoft initially had an observer seat following the Sam Altman mutiny, providing board insight without voting rights. They’ve now departed amid an antitrust inquiry, citing more confidence in OpenAI’s direction. [Read]

Economic anxieties fuel global unrest: Nations grapple with inflation, debt, and inequality, leading to protests. Governments struggle to pay their bills, torn between printing money causing inflation or raising taxes, sparking further unrest. [Read]

Business & Wealth

Samsung unveils Galaxy Ring wearable: Starting at $399.99, the smart ring tracks health metrics like sleep and heart rate. Samsung believes expanding its ecosystem and leveraging AI analytics will attract more users than competitors. [Read]

Food safety scandal erupts in China: Reports allege a state-owned food company used tankers to transport fuel and cooking oil without cleaning in between. The scandal has sparked public outrage despite China’s efforts to mop up a flurry of food scandals in the 2000s – some even ending with death sentences. [Read]

Walmart ($WMT) expands into automated distribution: The retail giant is opening five new automated grocery distribution centers across the US. These centers will better predict demand, reduce safety stock, and operate more cost-effectively – though critics argue it could reduce job prospects. [Read]

*Thanks to our sponsors for keeping the newsletter free.

DIGIT OF THE DAY

Current Population Survey Response Rate Drops to 70%, Raising Concerns About US Economic Data Accuracy

“Numbers don’t lie,” but what if they aren’t accurate from the start? Recent findings from the American Statistical Association are sounding alarms about the future reliability of government-produced economic statistics. These stats guide decisions by Federal Reserve officials, the White House, and investors on critical matters like interest rates, jobless benefits, and billion-dollar investments.

• The Current Population Survey response rate, which covers 60K households monthly, has fallen to ~70% in 2023, down from ~90% a decade ago.

• Since 2009, funding for the Bureau of Labor Statistics has dropped by 18% in inflation-adjusted terms — and The New York Times reports a plan to reduce the survey’s coverage by 5K households next year due to increasing survey costs.

Counting on change: Ron Jarmin of the Census Bureau attributes the decline to “privacy concerns, challenges contacting respondents in cell phone households, and respondents’ availability when contact is made” (NYT). While current data remains reliable, the report urges Congress to boost funding to enhance data collection methods, including merging traditional surveys with private and administrative sources — a step already underway but needing faster and broader implementation.