Consumer sentiment takes a tumble

Consumer spending fell in early August, according to preliminary results from the University of Michigan’s survey. July retail sales were down, and the average price of gas is nearing a record high for August. In today’s episode, we look at how consumers could be cutting discretionary spending as a result. Also, we’ll look at why China’s economy may be in trouble, the value of GDP as a statistic, fake business registrations in Colorado, Reddit joining the S&P 500, and the global plastics industry.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Read the stories in today’s episode:Is the consumer engine of the economy starting to slow down?Is China's economy in trouble?Why we still use GDP to measure economic growthGetting weird mail? In Colorado, it could be business fraudPopular online forum Reddit is joining the S&P 500Middle East conflict raises U.S. plastic industry's sinking ship