The bottom line
▪ Ten years ago there were about 100 companies making spirits in the United States. Today, there are nearly 1,400, according to the American Distilling Institute.
The New York Times
▪ Americans now have the highest credit card debt in history. Outstanding credit card debt hit a record $1.021_trillion in June, according to the Federal Reserve. That beats the previous record in April 2008, when consumers had a collective $1.02_trillion in outstanding card debt.
▪ Kenneth Chenault’s announcement last week that he will retire as chief executive at American Express means there will be only three black CEOs among Fortune 500 companies.
The Wall Street Journal
▪ Snap’s much-hyped Spectacles, the social media company’s first foray into hardware, appear to be a flop. The company has sold just 150,000 of the con nected glasses in the past year, and internal data suggest fewer than half of buyers continue to use the glasses after a month. The company reportedly has hundreds of thousands of unsold Spectacles sitting in warehouses.
▪ The tech industry’s race to develop artificial intelligence is fueling a bidding war for talent. AI specialists fresh out of grad school or with just a few years of experience can earn between $300,000 and $500,000 a year. Well-known names in the field can sign contracts for millions.
The New York Times ■