This week in 1973, country legend Dolly Parton unleashed one of the most iconic tunes of all time—a little ditty called “Jolene.” Most country hits are detailed chronicles of daily life, like heartbreak over a dog or the devastation of a broken-down truck. But “Jolene” dives into a primal and universal fear: the woman with perfect hair who's out to steal your man.
Parton wrote the song based on a real-life event where a bank clerk flirted with her husband. We can’t speak to real life, but in the song, she doesn’t go the usual country route of smashing bottles and windows with a baseball bat. Instead, she pleads with the goddess-like Jolene, who apparently has red hair, glowing skin, emerald eyes, and a voice smoother than Tennessee whiskey, to keep her filthy hands-off Dolly’s man.
We don’t know much about Jolene beyond her unfairly flawless looks. Does she have a book club? Does she crochet? Is she a cat person or does she have a shrine to her dachshund? We have no clue. But in a song about man stealing, does it really matter if she likes Cabernet Sauvignon or Pinot Noir?
Musically, “Jolene” is a quintessential Dolly Parton tune: her haunting voice paired with some flawless guitar picking. It’s country music in its purest form. And let’s be honest, the chorus—"Jolene, Jolene, Jolene, Joooooleeeeene" is echoing through some dive bar or karaoke joint as we speak. In 2014, the song was ranked as the greatest country tune ever written. It’s been covered by everyone from Miley Cyrus to The White Stripes to Lil Nas X—though you have to wonder if Jolene is out there somewhere like, “guys, all I did was give the guy his deposit slip in a friendly voice.”
This month’s economic indicators are like that: appropriate for a jukebox near you. Why? Because despite all odds, we’re coasting towards a softer economic landing than anyone predicted. Wages are rising (now equivalent to $55,120 annually), inflation is dropping like Jolene’s hopes of nabbing Parton’s husband. And the prime rate is inching down, too, thanks to a federal funds rate cut. Looks like we might just escape this economic honky-tonk by mid-2025.
However, just like Jolene’s mysterious backstory, there’s a little strangeness in the local data worth noting. While hospitality employment is down 11% year-over-year, gross sales, airport passengers, and hotel occupancy have all gone up in the same period. Not what you’d expect, but it seems like the hospitality sector has figured out how to do more with less—maybe they hired Jolene to charm the tourists.
On the other hand, housing remains the stubborn villain in this economic ballad. Year-over-year numbers are down but still high by historical standards, keeping the feds from taking a full victory lap. Inflation might have been tamed already if it weren’t for the other woman in this story, let’s call her "Ms. Inflation", sitting on the opposite side of the jukebox, refusing to lower her prices. Here in Rapid City, the situation is no different.
So, to Jolene and inflation alike, we say: don't raise housing costs just because you can.
Stay safe and God-speed.
Tom
