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Two Indiana auto plants receive federal grants

Thursday business headlines 07/11/24

INDIANAPOLIS (WISH) — Here is a look at Thursday’s business headlines with Jane King. Today, she discusses federal grants for Cummins and Stellantis, the latest update on inflation and more.

Indiana plants to get money to boost electric vehicle production

The Biden administration just announced a new round of funding to expand the manufacturing of electric vehicles. Nearly $2 billion is going to eight states, including Indiana.

Associated Press reports that Stellantis will get $250 million to convert its transmission plant in Kokomo to make components for electric vehicles.

Meanwhile, Cummins will get $75 million to convert part of a plant in Columbus to make zero-emission components and electric powertrain systems.

Key report shows decrease inflation rates

Inflation is progressing, thanks to falling prices for energy and used cars.

However, prices for housing and car insurance are expected to remain sticky.

Economists say that consumer prices rose 0.1% on a monthly basis in June, according to FactSet’s consensus estimates. That would bring the inflation rate down from 3.3% to 3.1% on an annual basis

Almost half of Gen Z gets financial help from family

Forty-six percent of Gen Z’ers rely on financial assistance from their family, according to a new report from Bank of America.

Inflation’s recent runup and specific challenges related to housing costs and college affordability are largely to blame.

Fifty-two percent said they don’t make enough money to live the life they want and cite day-to-day expenses as a top barrier to their financial success.

AARP survey: Older adults do not expect to retire

Meanwhile, a quarter of older employed adults say they expect to never retire.

A recent AARP survey found that 1 in 5 Americans aged 50 and older have no retirement savings. That’s 20% of that population.

AARP is now pushing states to require companies to offer some type of automated retirement savings.

Survey: Workers have quit quitting

The job-hopping frenzy of the pandemic years has given way to what some economists are calling the big stay.

The Wall Street Journal reports on numerous surveys show that fewer U.S. adults are currently seeking to leave their roles, compared with the job-switching frenzy of the pandemic years.

Other data suggest job satisfaction is rising, and in interviews, former job-hopping workers say they’re content with the balance they’ve struck in the positions they have.

Krispy Kreme celebrating birthday tomorrow with sweet deal

Customers who purchase any dozen doughnuts at regular price can receive an original glazed dozen for 87 cents on July 12.

Customers who choose to order online can redeem the offer by using code BDAY.