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Wednesday’s business headlines

Wednesday business headlines

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

home sales expected to drop to lowest rate since 2008

Home sales are expected to drop to their lowest rate since the recession due to skyrocketing mortgage rates.

The housing slowdown could have a wide effect on the economy, with consumers spending less on furniture and appliances. Along with fewer homebuyers means more renters, and rising rents.

private labels account for more than 20% of grocery dollars spent

Private labels now account for more than 20% of grocery dollars spent, that is up from 18% pre-pandemic. Lower income Americans are driving the trend towards private labels are growing in popularity as prices rise.

general motors delays opening of factory in Michigan

GM delaying large electric pickup truck factory opening in Michigan. This is the latest sign that the auto industry’s enthusiasm around electric vehicles starting to wane.

The company will make electric versions of the Chevrolet Silverado and GMC Sierra by the end of 2025, one year later than originally planned.

CNN poll: majority of Americans side with auto workers

A poll form CNN finds Americans overwhelmingly side with Autoworkers in the ongoing union strike. The poll says a 66% majority of the public says that elected officials should generally stay out of disputes between private employers and labor unions.

almost half of gen z to holiday shop on social media

Americans between ages 18 and 29 already got the jump on their holiday shopping, according to a recent Shopify Gallup survey.

48% say they will do at least some of their year-end buying on social media platforms like TikTok or Instagram. This is much higher than one third of overall shoppers who said the same.