Monday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Monday’s business headlines.

Food stamps

The Biden administration plans to announce the biggest increase in food stamp benefits in the program’s history, giving Americans more money to buy groceries and adding billions of dollars in costs to the government.

Average benefits in October will go up by more than 25% from pre-pandemic levels for the 42 million people in the program.

The announcement is expected Monday.

Used cars

Used car prices barely went up last month after months of record gains.

The consumer price index found the price increased by 0.2%.

The global microchip shortage and heightened demand for used cars have kept prices elevated, but they’re not going up as fast as they once were.

Mortgage rates

Mortgage rates took the biggest leap in eight weeks last week.

Analysts say rates jumped because of an encouraging report on hiring in the U.S.

They are still historically below the average rate on the 30-year fixed rose to 2.87%.

Remote work

Nearly two-thirds of adults with children said their additional child care and virtual schooling responsibilities during the pandemic hurt their ability to get ahead at work, according to a recent report by the American Staffing Assocation.

Fifty-four percent of working moms said they felt like thye could not give 100% at work, compared to 43% of working dads, according to Pew Research Center.