Tuesday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Tuesday’s business headlines with Jane King.
State Farm sees increase in catalytic converter thefts
State Farm says it’s being slammed by the increase in catalytic converter thefts.
It has already paid out more than $50 million on the pricey auto parts so far this year.
Platinum, palladium, and rhodium are metals commonly found in the auto part, and thieves can make $300 to $1,500 by selling converters for scrap.
Researchers: Federal Reserve won’t drop rates until government spending drops
A new paper says Fed rate hikes won’t bring down inflation as long as government spending stays high.
Researchers at Johns Hopkins University and the Chicago Fed wrote that without constraints in fiscal spending, rate hikes will make the cost of debt more expensive and drive inflation expectations higher.
The federal debt is running at around 123% of gross domestic product, well above anything seen since at least 1946.
School districts are creating full-time remote learning
School districts in Texas, California, and New York are creating full-time remote learning this fall for the first time.
A 2021 survey of 291 U.S. school districts by Rand Corp. found a surge in the number of school districts offering virtual learning for students after the height of the pandemic.
Roughly 26% of the 291 districts were offering remote lessons as a full-time option last year, compared with 3% before the pandemic.
The virtual option might be appropriate for about 4% of students who suffer from social anxiety or whose families may be moving.
Interest in camping remains as pandemic wanes
Interest in camping soared during the coronavirus pandemic. Now, as social-distancing restrictions are winding down, the sector is showing signs that it may maintain its popularity.
The global market for camping and caravanning is expected to grow 6.6% from 2020 to 2025, according to research and markets, and the number of RVs shipped in 2021 jumped a record 39% from the previous year.
Pumpkin Spice Latte returns to Starbucks
The fall favorite is back! Starbucks locations across the country will begin serving the Pumpkin Spice Latte on Tuesday.
A few other fall favorites will be returning this year, including the pumpkin cream cold brew and the apple crisp macchiatto.
Buyer beware — the PSL will be 50 cents more this year, with a grande costing as much as $5.95 a cup.