Friday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Friday’s business headlines with Jane King.
Wells Fargo’s CEO expects economy to take off
Wells Fargo’s CEO says the U.S. economy should take off in the second half of the year.
Charlie Scharf said economic growth could hit 6% or higher later this year as more people are vaccinated against COVID-19.
Consumer spending growth, he says, in the second half could be the strongest in 70 years as the economy fully reopens and vaccines are widespread.
Majority of small businesses fully open
A majority of U.S. small businesses are now fully open as shutdown restrictions lift across the country.
Kabbage, an American Express company, found that 57% of small businesses were fully open. The high reopening rate is partly due to a shift to online operations during the pandemic, with one-third of businesses saying they now exclusively sell online or have shifted to both online and in-person operations.
Mortgage rates keep climbing
Mortgage rates have continued to climb this week, according to a popular survey, but home shoppers haven’t seemed deterred by the increases – not yet, at least.
Millions of homeowners still have opportunities to refinance at historically low rates and slash their monthly mortgage payments. Rates are still much lower than they were in the pre-pandemic days.
Analysts warn that rates are likely to keep rising.
Facebook making Instagram for kids
Facebook is building a version of Instagram specifically for children under the age of 13.
This is an effort to get its popular products into the hands of the next generation of internet users.
Parents will have some control although its uncertain how that would work.
The new app was announced internally Thursday, but is not yet launched.
NFL unveils long-term media deals
The NFL unveiled long-term media deals that people familiar with the matter said are valued at over $100 billion.
The Wall Street Journal says Amazon will become the new home of Thursday Night Football.
The major broadcast and cable TV packages are staying with the same networks.