Recession is official … inflation is out of control.

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McDonald’s and Chipotle say customers are trading down, visiting less often as inflation hits budgets.

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Plus: Pending home sales fell 20% in June versus a year earlier as mortgage rates soared.

And: China’s property sales are set to plunge 30% — worse than in 2008, S&P says. “China’s property sales will likely drop by about 30% this year — nearly two times worse than their prior forecast, S&P Global Ratings said, citing a growing number of Chinese homebuyers suspending their mortgage payments.”

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But there’s a bright spot amid the gloom: Vox Media cuts staff, slows down hiring as recession fears grow.

h/t Glenn Reynolds

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