Business

Wednesday’s business headlines

Wednesday’s business headlines

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

Valentine’s Day

Valentine’s Day spending on pets will reach a record this year.

The National Retail Federation says 27% of people say they will buy Valentine’s Day gifts for their pets, totaling approximately $1.7 billion in spending.

The numbers are the highest in survey history and have increased by 17% since 2010.

Macy’s

Macy’s will close 125 stores and leave the weakest malls.

That’s a fifth of its locations.

Macy’s hasn’t put out an official list of stores to close by the Wall Street Journal says the Muncie store at the Muncie Mall is among them.

The company is also cutting roughly 2,000 corporate jobs, or 10% of corporate and support staff and closing several offices.

Housing

One in four renters now spends more than half of their income on housing.

A new study by the Joint Center for Housing Studies at Harvard finds nearly 11 million renters spent more than 50% of their income on housing in 2018.

Financial experts recommend people spend no more than 30% of their income on housing.

T-Mobile, Sprint

Sprint and T-Mobile announced that they are beginning to roll out the FCC’s recommended stir-shaken technology for calls made between their two respective networks.

Using this system, those who receive a call from someone on the other’s network will see an indicator letting them know that it really is the person you expected and not a bad actor spoofing their phone number.

Most smartphones will use the technology.

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