Prompt Cast
Economic Indicator of 2022: Interest Rates and Supply Chain Issues
TLDR The economic indicator of 2022 was interest rates, raised by the Federal Reserve seven times to combat inflation, impacting consumers by making borrowing money more expensive. Supply chain issues, high inflation, expensive fuel, and record credit card spending also defined the economic landscape of the year.
Timestamped Summary
00:00
Planet Money and The Indicator compete to determine the economic indicator of 2022.
01:50
The economic indicator of 2022 is interest rates due to the Federal Reserve raising them seven times to combat inflation.
03:48
Raising interest rates by the Federal Reserve has significant impacts on consumers, making borrowing money more expensive and increasing the cost of big purchases like cars and houses.
05:07
Supply chain issues defined the year 2022, leading to high inflation, expensive fuel, and skyrocketing food prices.
06:43
Credit card spending hit record highs in 2022, indicating a trend of increased consumer spending despite rising delinquencies, reflecting the economic landscape of the year.
09:09
The tight labor market in 2022, with a 3.7% unemployment rate near 50-year lows, presented a variety of dramatic and emotional stories, from missing workers to desperate employers and potential signs of gloomier times ahead.
10:50
Listeners are encouraged to share their favorite economic indicators on Twitter or via email to the podcast.
