Shumita Basu

Good morning. It's Thursday, May 8th. I'm Shamita Basu. This is Apple News Today. On today's show, the Vatican's messy financial picture, why more states are considering taking fluoride out of the public drinking water, and an AI-generated video allows a dead man to confront his killer. But first, in the past few weeks, there's been a lot of talk of recession indicators.

Some of it's been in the form of snarky memes online in response to the seesaw tariff policy from the Trump administration. Some of it is trying to translate the general sense of economic anxiety and figure out whether it's a temporary blip or here to stay. Economists are trying to sort out what's anecdotal, vibes-based, if you will, from what's showing up in the data.

Some of it's been in the form of snarky memes online in response to the seesaw tariff policy from the Trump administration. Some of it is trying to translate the general sense of economic anxiety and figure out whether it's a temporary blip or here to stay. Economists are trying to sort out what's anecdotal, vibes-based, if you will, from what's showing up in the data.

Some of it's been in the form of snarky memes online in response to the seesaw tariff policy from the Trump administration. Some of it is trying to translate the general sense of economic anxiety and figure out whether it's a temporary blip or here to stay. Economists are trying to sort out what's anecdotal, vibes-based, if you will, from what's showing up in the data.

Take McDonald's, which recently saw a drop in spending in U.S. stores, as acknowledged by their chief financial officer on a recent earnings call.

Take McDonald's, which recently saw a drop in spending in U.S. stores, as acknowledged by their chief financial officer on a recent earnings call.

Take McDonald's, which recently saw a drop in spending in U.S. stores, as acknowledged by their chief financial officer on a recent earnings call.

And The Washington Post reports that a number of major airlines have withdrawn their financial forecasts for the year, uncertain about how things are going to shape up. Companies like Procter & Gamble, responsible for so many of our household brands, are raising some prices. Mattel, the makers of Barbie, have also said their prices will go up due to the administration's tariffs on China.

And The Washington Post reports that a number of major airlines have withdrawn their financial forecasts for the year, uncertain about how things are going to shape up. Companies like Procter & Gamble, responsible for so many of our household brands, are raising some prices. Mattel, the makers of Barbie, have also said their prices will go up due to the administration's tariffs on China.

And The Washington Post reports that a number of major airlines have withdrawn their financial forecasts for the year, uncertain about how things are going to shape up. Companies like Procter & Gamble, responsible for so many of our household brands, are raising some prices. Mattel, the makers of Barbie, have also said their prices will go up due to the administration's tariffs on China.

And for smaller businesses, the effects of the tariffs will be harder to mitigate. CNN spoke to Stephen Borelli, the CEO of a California-based clothing store, Cuts, about his concerns.

And for smaller businesses, the effects of the tariffs will be harder to mitigate. CNN spoke to Stephen Borelli, the CEO of a California-based clothing store, Cuts, about his concerns.

And for smaller businesses, the effects of the tariffs will be harder to mitigate. CNN spoke to Stephen Borelli, the CEO of a California-based clothing store, Cuts, about his concerns.

Meanwhile, if you zoom out and look at the larger economic picture, many of the key economic markers have largely remained steady. Yesterday, Fed Chair Jerome Powell kept interest rates unchanged, but said the path ahead was not clear.

Meanwhile, if you zoom out and look at the larger economic picture, many of the key economic markers have largely remained steady. Yesterday, Fed Chair Jerome Powell kept interest rates unchanged, but said the path ahead was not clear.

Meanwhile, if you zoom out and look at the larger economic picture, many of the key economic markers have largely remained steady. Yesterday, Fed Chair Jerome Powell kept interest rates unchanged, but said the path ahead was not clear.

In other words, what he's saying is there's uncertainty, sure, but those recession indicators are not jumping out to him right now. Overall, consumer spending hasn't fallen yet. The labor market has remained strong. But some economists believe it will only be a matter of time before the tariff policy back and forth does, in fact, start to show up in data.

In other words, what he's saying is there's uncertainty, sure, but those recession indicators are not jumping out to him right now. Overall, consumer spending hasn't fallen yet. The labor market has remained strong. But some economists believe it will only be a matter of time before the tariff policy back and forth does, in fact, start to show up in data.

In other words, what he's saying is there's uncertainty, sure, but those recession indicators are not jumping out to him right now. Overall, consumer spending hasn't fallen yet. The labor market has remained strong. But some economists believe it will only be a matter of time before the tariff policy back and forth does, in fact, start to show up in data.

The New York Times reports that for some economists, the uncertainty feels a bit like hunting for clues during the pandemic. Back then, things like a drop in restaurant reservations and screenings at TSA checkpoints were signals of potential economic damage to come.