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Friday’s business headlines

Friday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Friday’s business headlines with Jane King.

Americans to run out of pandemic savings soon

Americans will burn through all their pandemic savings by the end of September, according to estimates by the Federal Reserve.

That could happen at a time when payroll growth is slowing, income growth is slowing, and there are headwinds from student loan repayments restarting.

Childcare costs rising at nearly twice the inflation rate

Families with young children still face sharp increases in one of their biggest expenses—childcare.
The national average price of daycare and preschool services rose 6% in July from a year before, near double the rate of inflation, according to the U.S. Department of Labor.

The Wall Street Journal says there’s still a shortage of childcare workers after the pandemic and those that are still in business have higher expenses.

Mortgage rates soar to highest level in 21 years

U.S. mortgage rates surged this week, rising to their highest level in 21 years.

The 30-year fixed-rate mortgage averaged 7.09% in the week ending Aug. 17, up from 6.96% the week before, according to analysts at Freddie Mac.

Relief for homeowners may be far off; some economists say mortgage rates could hit 8 percent.

Survey: Majority of Americans prepared for a recession

Americans are feeling resilient when it comes to their finances: more than 3 in 4 say they feel prepared for a recession.

A recent survey of 2,000 U.S. adults found that millennials feel more prepared than baby boomers.

The poll by Affirm and OnePoll found that nearly 7 in 10 people have a clear plan to manage their finances for the remainder of 2023.

More energy drinks targeting young women

Energy drinks are shifting their marketing efforts toward an previously-untapped market: women.

Brands are introducing energy drinks labeled as “Clean” or low-calorie.

Women have been absent in marketing for energy drinks for the most part.