The American consumer demonstrated a shocking resilience the last few years. They just kept spending even as rates increased, and inflation returned. But signs of weakness are appearing. This figure from the New York Fed shows credit card delinquencies are up compared to pre-pandemic levels. They are highest for lower earners, but even top earners have become more likely to not make their payments. This suggests high consumption levels can't withstand another negative economic shock.

Source: Federal Reserve Bank of New York

Allison Schrager is a senior fellow at the Manhattan Institute. Follow her on Twitter here.