INDIANAPOLIS (WISH) — Here is a look at Wednesday’s business headlines with Jane King where she discusses UPS’s profit decrease, the increasing cost of homes, and more.

UPS profit dips due to Shein and Temu lower-cost shipments

UPS profit is hurt after new e-commerce customers, identified by industry experts and shoppers as Chinese-owned Shein and Temu, its network hit with slower, lower-profit shipments.

The company saw customers favoring more economical products, choosing ground and its non-urgent shipping over the more expensive air shipping.

Existing home prices hit new high in June

Home prices hit a new high in June for the second straight month.

This is making owning a home out of reach for more Americans. The national median existing home price in June rose to $426,900, a record in data going back to 1999 and a 4.1% increase from a year earlier, according to the National Association of Realtors.

In Indiana, high mortgage rates caused a slowdown in housing activity in June.

Survey: 60% of Americans believe economy is in recession

Three in five people believe that the U.S. is currently in a recession, even though we’re not in one officially.

Conducted by Talker Research on behalf of Affirm, the research found consumers aren’t so confident in the economy because of inflation and friends and family complaining about money.

On average, respondents who feel the U.S. is in a recession believe it started over 15 months ago, roughly in March of 2023.

Feminine product prices soar due to inflation

The prices of sanitary pads and tampons in the U.S. have soared because of inflation.

Sanitary pad and tampon prices have risen faster than even the price of food, the Wall Street Journal reported, nearly doubling since before the Pandemic.

The higher prices have led to a drop in annual sales of feminine products since 2020, according to consumer research firm Nielseniq.

Apple likely to introduce foldable iPhone

Tech blog, The Information, reports Apple is likely to introduce a new iPhone, that’s foldable. If so, this is the biggest hardware design revamp for the handset.

Samsung pioneered the concept of a foldable phone back in 2019.

The information says it’s a way for Apple to attract new customers and the handset could roll out sometime in 2026.