🔥 The Hot Corner

💬 Quoted… “[The] consumer continues to be under pressure.”

In a CNBC interview this week, Macy’s CEO Jeff Gennette said the retailer has seen consumers pull back on discretionary spending and put more purchases on credit cards – a phenomenon also seen throughout the rest of the economy. Credit card balances rose by $45 million in Q2 to surpass $1 trillion for the first time.

  • At the same time, credit card defaults have risen past pre-pandemic levels. And, as student loan payments start to resume, consumers could get squeezed even further. Over 50% of those with student loans added debt on regular credit cards during the pandemic payment pause, per data from TransUnion.

🍽️ Fact of the Day: Casual restaurant chains like Applebee’s and Olive Garden are the most socioeconomically diverse locations in America, featuring more cross-class mingling than libraries, parks, museums, or schools, per a recent study published in SSRN.

🤔 Did You Know?... Chris Farley was originally cast as Shrek instead of Mike Meyers, but he died while the movie was in production.

📰 Worth a Read: Why nobody got paid for one of the most sampled sounds in hip-hop → (The Hustle)

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