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Biden will not seek reelection, drops from 2024 presidential race

Wednesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines with Jane King.

Report: Prescription drug shortage at 5-year high

A new Senate report finds that shortages of critical prescription drugs spiked by nearly 30% between 2021 and 2022, marking a five-year high.

Prescription drug shortages have been caused by economic drivers, reliance on foreign sources, and poor visibility of the pharmaceutical supply chain.

The biggest concern, the report says, is an over-reliance on China for ingredients, which poses a national security risk and leaving millions of Americans vulnerable.

Home prices drop in January

U.S. home prices dropped for the seventh consecutive month in January as rising interest rates continue to pressure home prices and the housing market overall.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index fell a half-percent in January compared to the previous month.

Bloomberg: Half of American employees have a side hustle

Nearly half of U.S. workers have a “side hustle” or source of supplemental income, Bloomberg reports.

The extra earnings — which come from activities like selling used items online and accepting gigs via apps like TaskRabbit — amount to more than $50 billion monthly, much of which is going untaxed.

Reports: Amazon considering purchase of AMC Theatres

AMC Entertainment surged as much as 21% on Tuesday after a report suggested Amazon might buy the struggling movie theater chain.

The Intersect reports that Amazon’s Jeff Bezos ordered his investment advisors to “explore acquisition plans” for AMC.

Ivy League education approaching $90,000/year

The cost of tuition, room, and board keeps climbing at elite U.S. colleges. Full costs at the country’s Ivy League schools already stretch well into the $80,000s, or upward of $320,000 for four years.

At the University of Notre Dame — which is private and elite, but not Ivy League — the average cost of attendance for the 2023-24 academic year is $83,271.