Business

Thursday’s business headlines

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

Rich Millennials

Indiana is a hotspot for Millennials in general and many rich Millenials in particular have moved to the state in recent years.

IRS migration data shows that between 2017 and 2018, there was a migration to the Hoosiers state of about 1,800 individuals younger than 35 and with incomes of $100,000 or more.

Few rich Millennials moved out than moved in.

Spirit Airlines

Spirit Airlines warns it may lay off a third of its workers.

The layoffs could happen in October, when federal payroll-help money runs out.

CEO Ted Christie said in a memo to employees the furloughs might be needed because Spirit is burning through too much cash as the coronavirus pandemic continues to cut sharply into air travel.

Post office

The Post office my be closing branches.

The agent has been losing billions for years and the new postmaster general is looking to cut costs, including reducing overtime.

The service reported a $4.5 billion loss for the quarter ending in March before the full effects of the shutdown sank in.

GDP

An historic second-quarter GDP report will show how hard the economy crashed in virus shutdowns.

This Gross Domestic Product report is for April, May and June.

Economists expect a 35%, an unprecedented and rapid drop.

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