1. Bankruptcies on the Rise
As we monitor the ongoing economic impact of the Fed’s increase in interest rates over the prior 18 months, one thing that has stood out to us is the increase in bankruptcy filings seen in the U.S. The 4-week moving average in bankruptcy filings as we moved into the summer months recalls prior periods of concern in 2020 and in 2008.
2. Return to Travel, but not Return to Office
While people are traveling again (as seen in the volume of individuals going through TSA airport checkpoints), they aren’t necessarily going back to the office. Compared to 2019, estimates suggest that only 50% of workers have returned to the office, while summer 2023 travel volumes have surpassed 2019 levels. (see Chart 1)
3. Forthcoming Spatial Video
Apple has teased a new “spatial video” that will be rolling out later this year. We don’t know much about it, other than it is a new type of immersive video designed to be viewed on the company's VR headset that will launch in 2024. Spatial Video is a type of three-dimensional video that is designed to allow visual depth and realistic audio to be replayed and experienced while wearing the Vision Pro. Imagine being able to more realistically relive or share a moment on the beach, the peak of a hike or a family gathering? We think it’s worth keeping an eye on.
Back to Work vs. Back to Flying