Wednesday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines with Jane King.
April inflation report just released
Inflation went up again in April, according to numbers released Wednesday morning by the U.S. Bureau of Labor Statistics.
The Consumer Price Index, which is a measure of prices for goods and services, increased by three-tenths of a percent in April and was up 8.3% from a year ago. That’s a slight decrease from March’s peak but still close to the highest level recorded since the summer of 1982.
Carvana lays off 2,500 employees
Despite finding success early in the pandemic, Carvana has struggled recently.
During its first-quarter earnings call, the company reported a $260 million net loss and it blamed the layoffs on the financial headwinds that have come its way and slowed growth.
Student loan debt hits record high
Student loan debt hits another record high, despite payment suspensions.
The Federal Reserve says the total amount student debt reached $1.59 trillion in the first quarter.
This debt category accounts for just over 10% of total household debt, which is nearing $16 trillion.
Corn, soybean planting behind schedule
Just 22% of the nation’s corn crop is in the ground, compared to 50% in a “normal” year, according to numbers released Monday by the U.S. Department of Agriculture.
The USDA says only 6% of Indiana’s corn is planted.
Indiana, like most of America’s other soybean states, is also behind soybean planting.
The Hoosier state has only 3% of its soybeans planted, compared with 12% nationwide, says the USDA. The previous nationwide five-year average is 24%.
Indiana breweries perform well in World Beer Cup
Several Indiana-based breweries took home medals in the recent event.
The World Beer Cup featured more than 10,000 entries from nearly 2,500 breweries around the world.
Sun King Brewery and Metazoa Brewing Company, both in Indianapolis, received three medals each.
Additionally, Moontown Brewing in Whitestown won a gold medal in the German-style beer category.
Zwanzigz Brewing in Columbus also took home a gold medal, this one in the American-style imperial stout category.