Wednesday’s business headlines
INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines.
GM strike
General Motors pulled striking workers health care.
The company says it’s standard procedure during a walkout.
The union is handling the coverage.
Meanwhile, Toyota is investing $391 million at its San Antonio assembly plant.
Personal debt
U.S. adults aged 18 and older report having an average of $29,800 in personal debt, exclusive of mortgages, according to the latest findings from Northwestern Mutual.
The research also revealed that 15% of Americans believe they’ll be in debt for the rest of their lives.
While those numbers are staggering, they represent an improvement over the last year when U.S. adults reported an average of $38,000 in personal debt.
Holiday retail sales
Holiday retail sales are likely to increase between 4.5% and 5% in 2019, according to Deloitte’s annual holiday retail forecast.
Overall, Deloitte’s retail and distribution projects that holiday sales will exceed $1.1 trillion during the November – January timeframe.
Deloitte also forecasts that E-commerce sales will grow by 14-18% year-over-year, during the 2019-2020 holiday season.
China trade war
President Trump says a trade deal with China might not happen until after the 2020 elections.
Deputy-level meetings are scheduled to begin on Thursday in Washington, according to a top U.S. trade representaitve official.
The meetings are meant to pave the way for higher-level negotiations.