EVERYTHING IS GOING SWIMMINGLY: McDonald’s and Chipotle say customers are trading down, visiting less often as inflation hits budgets.

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.”

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

UPDATE: I should mention another example — I opened a can of corned beef hash (premium stuff — Mary Kitchen!) and I noticed the potato-to-meat ratio had shifted drastically in favor of potato. A disguised form of shrinkflation!