Tuesday business headlines 07/30/24

INDIANAPOLIS (WISH) — Here is a look at Tuesday’s business headlines with Jane King where she discusses the new financial distress list, student loans and more.

Indiana ranks 28th in new financial distress list

WalletHub in July published its study, titled “States with the Most People in Financial Distress .”

The company used nine key metrics, including credit score changes and internet searches for debt and loans, to determine the results.

Indiana was toward the middle at 28th. Michigan ranked no. 1 with New Hampshire ranking at no. 50.

Number of people with $100,000 in student loans grows

The number of federal student loan borrowers with six-figure debts is on the rise.

In the second quarter of 2024, 2.4 million borrowers carried a federal student loan balance between $100,000 and $200,000, up from 1.8 million people who owed that much during the same period in 2017.

That’s according to new data by the U.S. Department of Education.

The annual sticker price for certain schools, after factoring in tuition, fees, room and board, and other expenses, is now nearing $100,000.

Restaurants raise prices, cut hours after minimum wage increase

Raising the minimum wage had an impact on fast food workers in California, according to a new study.

After California implemented a new law, a majority of restaurants increased prices and cut employee hours, according to a recent report from the Employment Policies Institute.

Ninety-eight percent of restaurants surveyed said they have already raised the cost of menu items, and 93% plan to do so next year.

Eighty-nine percent reported already reducing the number of employee hours, and 87% plan to do so next year.

FDA approves blood test to screen for colon cancer

The Food and Drug Administration has approved a new blood test to screen for colon cancer.

The new test could increase the number of people screened for colorectal cancer, especially among adults too young for routine colonoscopies.

With the FDA approval, Medicare and private insurance companies are much more likely to cover the cost of the blood test.

Americans are consuming more international TV shows and books

Americans are consuming over 50% more internationally produced TV shows and books than they were five years ago, according to a recent study.

Americans are often unaware they are even consuming and enjoying foreign content.

Conducted by Talker Research and commissioned by ThriftBooks , the study found more than half of respondents incorrectly guessed that the popular show “The Office” is originally American.

Many had no idea “House of Cards, “Jane the Virgin” and “Mighty Morphin’ Power Rangers” premiered internationally before coming to America.