Tuesday’s business headlines

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

Jobs

The employment-population ratio- the number of employed people as a percentage of the U.S. adult population – plunged to 52.8% in May, meaning 47.2% of Americans are jobless.

Investors will look to this week’s June jobs report for an update on the pace of the labor market recovery.

Planet Fitness

Planet Fitness stock skidded following a news report that more than 200 people may have been exposed to the coronavirus at a West Virginia location of the gym chain.

A client at the Planet Fitness gym tested positive for the virus, raising the possibility that the disease was spread.

Planet Fitness said it closed the gym for cleaning by a third party and would reopen it on Tuesday, the company also said Monday it was not aware of any additional customers or employees who were reporting symptoms.

Cummins

Cummins will continue pay reductions instituted in April due to the COVID-19 pandemic through the third quarter of 2020.

In April, the company said Cummins chairman and CEO Tom Linebarger took a 50% reduction in salary, director compensation will be reduced by 25% and all other employees in the United States will see a 10% to 25% drop in salaries and reduced hours.

Simon

Shares of Simon Property Group rose as much as 6% after the market closed.

The real estate investment trust provided an update on the reopening of its retail properties and announced a $1.30 per common share divdened for the second quarter of 2020.

More than 18,000 U.S. stores across Simon’s portfolio have reopening, according to the company.