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Costco implements new practice to crack down on membership sharing

Thursday’s business headlines 08/8/24

INDIANAPOLIS (WISH) — Here is a look at Thursday’s business headlines with Jane King where she discusses Costco memberships, chances of a recession, and more.

Costco to crack down on membership card sharing

Costco is implementing stricter policies and cracking down on non-members using other people’s cards by requiring shoppers to scan their membership cards to enter stores.

For members with cards that don’t have a photo, Costco says to come prepared with a valid photo ID but encourages shoppers to visit the membership counter and have their photo taken.

Costco’s new rule also requires guests to be accompanied by a valid cardholder to enter its stores, making it more difficult for non-members to sneak in using cards that don’t belong to them.

JPMorgan: 35% chance of U.S. recession by the end of the year

JPMorgan Chase & Co. now sees a 35% chance that the U.S. economy will tip into a recession by the end of this year, up from 25% as of the start of last month.

The main thing driving us to a recession, in the Chase analyst’s opinion, is the weakening of the job market.

It does predict interest rate cuts this year.

Bumble shares plunge, fails to expand user base

Bumble shares plunged after the dating company slashed its annual revenue outlook.

The company’s struggles to expand its user base reflects the broader challenges plaguing the U.S. online dating industry, which has yet to recover from the pandemic.

Survey: Younger Americans spend less time relaxing on vacation

A survey of 2,000 Americans who travel looked at how people of different ages vacation.

It found both Gen X and Baby Boomers prioritize relaxation when traveling, whereas, Gen Z and Millennials are more interested in making memories.

Conducted by Talker Research for Apple Vacations, the survey found 59% shared their vacation priorities have shifted as they got older.