Macro Briefing: 12 August 2022

* House expected to approve a climate and healthcare bill today
* Ukrainian nuclear plant faces ‘grave hour’ due to potential radiation leak
* UK economy contracts in second quarter
* US home prices rise to new record high in second quarter
* Eurozone industrial output rose more than expected in June
* Global population may be peaking at roughly 8 billion
* Arctic heating up 4x faster than Earth overall, research finds
* US jobless claims rise to highest level since November:

China credit growth slowed sharply in July, adding a new risk factor for the economy as the property market and consumer and business demand weaken.

China's broad credit expanded by the least since data began in 2017

Only 32% of teens aged 13-17 use Facebook, according to research from Pew Research Center. YouTube and TikTok, by contrast, dominate for this demographic. “There are now well over five strongly positioned social media platforms to endlessly scroll through, and it isn’t sustainable for our minds to compartmentalize nor prioritize our relationship with all of them,” Jules Terpak, a Gen Z content creator covering digital culture, tells TechCrunch. “For the sake of time and sanity, people have to eliminate platforms that begin to lack a value-add incentive.”

US grocery prices surged 1.3% in July vs. June and rose 13.1% over the past year — the biggest price increase for food since 1979, according to the U.S. Bureau of Labor Statistics. “Consumers are getting a break at the gas pump, but not at the grocery store,” says Greg McBride, chief financial analyst at

Big-name money managers continue to bet big on crypto. “Large asset managers are starting to consider this a real investment,” says Chris Brendler, a senior research analyst at DA Davidson. “I think it’s a major data point in terms of traditional asset management companies embracing what really for years has been almost ridiculed.”