With the temporary exception of the Paycheck Protection Program (PPP) emergency loans, bank credit has not been a significant source of financing for either consumer or business spending. That is a notable contrast from pre-2007 cycles—and should help insulate the real economy from the disruptions in the banking sector. Despite the housing boomlet, Americans borrowed remarkably little over the past few years relative to their income, especially when compared to previous expansions—and only some of that borrowing came from banks. Moreover, household borrowing had already been retrenching in the second half of 2022 as mortgage rates normalized, with little impact on overall economic activity.
- Date Posted:
- May 10, 2023
Wendy’s is automating its drive-through service using an artificial-intelligence chatbot powered by natural-language software developed by Google and trained to understand the myriad ways customers order off the menu. The Dublin, Ohio-based fast-food chain’s chatbot will be officially rolled out in June at a company-owned restaurant in Columbus, Ohio, Wendy’s said.