Oct. 10, 2024 | Thursday’s business headlines

INDIANAPOLIS (WISH) — Here is a look at Thursday’s business headlines with Jane King, where she discusses businesses at risk from Hurricane Milton, and Spencer Gifts testing out “Spirit Christmas” stores.

Millions of businesses at risk from Hurricane Milton

Millions of businesses are at risk from Hurricane Milton. Around 552,500 businesses are in areas at risk of storm surge, which is predicted to reach as high as 15 feet in Tampa Bay, in addition to 18 inches of rainfall.

Around 4.4 million businesses in total are in the path of the hurricane, according to Dun & Bradstreet, an analytics firm.

Around 315,000 of the businesses at risk of storm surge and 2.6 million in the path the storm are small businesses.

Average credit score holds steady despite record credit card debt

The average U.S. credit score holds steady despite inflation and record credit card debt.

The national average FICO credit score stood at 717 in July, the same as in April of this year and October 2023, according to Fair Isaac .

The average U.S. credit score has stayed steady since going way up during the pandemic.

However, two key credit metrics — missed payment rates and borrower balances — continued to increase in April from last October.

Employer health insurance costs rise for second straight year

Health insurance is getting more expensive.

The cost of employer health insurance rose 7% for a second straight year.

Employers spent about $1,880 more this year, bringing their average cost for family premiums to $19,276.

Home Depot to require corporate employees to work shifts in retail stores

Home Depot will begin requiring its corporate workforce to work shifts in its retail stores. Corporate staff will be mandated to work an 8-hour shift each quarter.

In an aim to support retail staff, Decker says the move will allow white collar employees to “truly understand the challenges and opportunities our store associates face every day.”

The move applies to everyone, including senior management and remote workers.

Spencer Gifts to test Spirit Christmas stores

These festive pop up shops will be like stepping into a life size gingerbread village!

Spencer Gifts owns the Spirit Halloween stores, and operates more than 1,500 locations nationwide.

Don’t expect an explosion of Spirit Christmas stores yet– the brand will only have 10 locations this year, mainly in the northeast.