Friday Business Report: Interest Rates Rise
KPBS's Jade Hindmon and SDSU marketing lecturer Miro Copic discuss some of the week’s top business stories.
This week’s topics:
Fed Announces Another Interest Rate Hike
The Federal Reserve announced a quarter-point interest rate increase this week. More increases are expected and that could mean higher costs for consumers seeking a loan for major purchases. One reason for the increase is the continued strength of the nation's economy.
New High for Local Home Prices
Real estate tracking firm CoreLogic reports San Diego's median home price rose to $583,000 in August, a new record high. The surge in prices comes as the overall number of homes sold has declined in recent months.
San Diego's Unemployment Rate Falls To Near Record Low
A state report shows San Diego's unemployment rate ticked down to 3.4 percent in August. The local job market is even stronger than what we're seeing statewide, where unemployment is 4.2 percent.
Lyft To Cover Public Transit Costs
Ride-hailing company Lyft says it will expand a program that covers public transit costs for a limited number of customers. Lyft will choose 50 San Diego residents and provide a variety of reimbursements and ride credits to not use their personal vehicle for 30 days.