This week in 1980, the rock band Queen smashed their way to #1 in the US with the legendary, disco-infused mega-hit: “Another One Bites the Dust.”

Much of what has been written about the song seems like folklore but is actually true.

Yes—Michael Jackson helped the band vet the song by telling them they needed to create something “cats can dance to.”

Yes—first responders use the song’s beat per minute (103) to remember how many chest compressions to perform when administering CPR.

Yes—the song was also in an early and preliminary version of the movie Rocky III, only to be replaced by “Eye of the Tiger” by Survivor.

And finally, yes—people still think when you play the song backward, it instructs the listener to “smoke marijuana.” An assertion Queen finally had to dismiss with their own statement.

“Another One Bites the Dust,” it seems, may be one of the most utilitarian songs ever created. 

This month’s economic indicators are a lot like that—useful for both optimists and pessimists. The good news is that gross sales continue at almost $1 billion per month, construction is on pace for $400 million by the end of the year, and vacancy rates are low. 

The bad news? Wages are falling, inflation is still over 8% year-over-year, and interest rates are rising faster than the humidity level in East River. And yet, home prices have stubbornly stayed the same.

Here’s some more bad news: We can expect interest rates to keep rising until the federal government absolutely destroys consumer demand. That’s because no one wants a return to the 1970s and double-digit inflation. It’s unsustainable, and the consequences can already be seen in countries like Spain, Italy, and Greece. This means the Fed is determined to bring down inflation through the most aggressive monetary policy in a generation, even if the costs are a recession, layoffs, and pain.

Consider yourself warned. This economy is under pressure (see what I just did there?). The chance of the global economy biting the dust is close to 100%. The signs are everywhere if you care to look. The dollar is strengthening (as investors flock to rising, risk-free treasuries), consumer savings are at rock-bottom levels not seen since 2008, and corporate America is already revising earnings downward for 2023. As we’ve said again and again, the hope is that Rapid City’s relative isolation from the national economy will be enough of a buffer to weather the storm.

Stay safe and God-speed.