Thursday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Jane King.
Federal reserve raises interest rates
The Federal Reserve lifted interest rates by three-quarters of a percentage point, marking the third such hike in a row.
Higher rates make borrowing more expensive and are the Fed’s best tool for fighting inflation — but it also means a slowdown and rising unemployment.
Gas prices rise for the first time in nearly 100 days
After sinking every day for more than three months, U.S. gas prices edged higher — by a penny — to $3.68 a gallon on average on Wednesday, according to AAA.
The move ends 98 consecutive days of falling pump prices, the second-longest such streak on record going back to 2005.
Toyota moves Sequoia manufacturing from Indiana to Texas
Toyota’s manufacturing plant in San Antonio this week began producing the Sequoia that used to be made in Indiana, alongside its redesigned Tundra.
The automaker shifted Sequoia manufacturing from Princeton, Ind., as part of a $391 million upgrade to the Texas plant.
Walmart to hire 40,000 workers for holidays
Walmart says it will hire 40,000 workers for the holiday season.
Some workers will be part-time store associates and customer service workers, while others will be permanent truck drivers.
Last year, the retailer hired more than 150,000 workers for the crucial shopping season, as well as 20,000 supply chain workers to help alleviate logistic bottlenecks.
USDA approves genetically-modified purple tomatoes
A team of scientists secured approval from the USDA to sell genetically-modified purple tomatoes in grocery stores across the country.
Norfolk plant sciences, the team that made the tomatoes, says this variety has more antioxidants and longer shelf life than the garden red tomatoes.