A glitch in the consumer-driven recovery

Consumer spending has been fairly resilient in the face of high inflation (see Taylor Swift, Beyoncé). But, the Federal Reserve’s interest rate hikes can pack a punch, and it’s showing up in Americans’ credit card bills. We’ll hear a bit of Macy’s quarterly earnings call and unpack what it tells us about consumer habits. And, AI is being used to give people their voices back. And, we’ll play a round of Name That Tune, economic anthem-style.

Here’s everything we talked about today:

• • “Credit card delinquencies jump past pre-pandemic levels” from Axios

• • “Big retailers disappoint Wall Street as consumer spending shifts” from Marketplace

• • “A Stroke Stole Her Ability to Speak at 30. A.I. Is Helping to Restore It Years Later.” from The New York Times

• • “India lands a spacecraft softly on the moon’s surface” from The Washington Post

• • “The Trash We’ve Left on the Moon” from The Atlantic

• • “What’s next for India’s Chandrayaan-3 mission on the moon?” from Space

• • “The economic anthem of the moment depends on how you read the data” from Marketplace

• • “Marketplace: Your Economic Anthems” on Spotify

Join us tomorrow for Economics on Tap. The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern. We’ll have news, drinks, a game and more.