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Volkswagen debuted an all-electric update of its iconic hippie van. But with just 234 miles of range, it’s not exactly cut out for #VanLife. Burners headed from San Francisco to Black Rock City this weekend would need to find a charging oasis mid-desert.

Stocks rose yesterday as July’s Fed meeting minutes boosted rate-cut hopes. Also juicing bets on a September slash: a massive downward revision in payroll growth. The Labor Department said the US had created 818K fewer jobs than originally reported in the year through March. 

Health’s at a premium… That cost-of-living pay raise may be even less exciting next year. Health-industry forecasts say that employers’ healthcare costs will jump by 9% next year — up from this year’s 6% hike (which was already above the five-year average). That would push the cost per employee to more than $16K, which could see a larger chunk taken out of paychecks.

The affordability crunch… Healthcare’s bite out of Americans’ budgets is getting bigger. Over the past decade, the cost of prescription drugs has risen 37% in the US, where medical debt is the leading driver of bankruptcy. Americans spend more on healthcare than people in any other major country, and about half said they’ve struggled to cover medical costs recently.

Climbing costs tend to trickle down… While employers have swallowed the bulk of swelling healthcare costs in recent years, more could be passed on to workers in a weaker labor market. The chunk of the premium footed by employees rose more than 3% this year to nearly $5K/worker (more than the five-year average annual hike of about 1%). Nearly half of employers said they’re likely to shift rising costs onto their workers next year. 

Quick Tarjay run… Target stock popped 11% yesterday after the retailer beat second-quarter expectations with sales rising 3% from a year earlier. It was an improvement from Q1, when sales dipped 3% as shoppers cut back on everything from paper towels to home decor. Target’s profit popped 40% as folks spent more on higher-margin discretionary items (groceries are generally not that profitable). Notably, Target’s apparel sales were up 3% (and sundresses are more lucrative than salad dressing). 

In my discretionary era… Americans may be shifting back into the “don’t need it but want it” ethos. Target said that last quarter it saw an uptick in visits to its stores and website, and that consumers were starting to spend more on nice-to-have products like bathing suits and scented candles. Walmart also unloaded strong sales growth as merch sales (think: air fryers, sports gear) rose for the first time in 11 quarters. Meantime, discount-clothing retailers were humming along as folks treasure-hunted for deals like $12 Levi’s. 

If the price is right, they might bite… Retailers are focusing on value to lure inflation-weary shoppers, and it seems to have paid off. In May, Target said it would cut prices on 5K+ consumer staples, and its CEO said the price reductions drove higher traffic last quarter. Walmart said it cut prices on 7K+ items, and it also unloaded a strong quarter. Walmart and Target have also hosted Amazon Prime-rivaling summer sales events to drive demand. 

No matter how shiny and chrome a suitcase, we all must heave our bags from place to place. Read more.

Out-of-network ATM withdrawal fees hit a record average high of $4.77

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