Report on cost of school supplies

August 5, 2018 at 12:00a.m.

COLUMBUS

Huntington Bank last week released its annual backpack index, which illustrates the cost of school supplies.

Huntington said families preparing to send their children back to school can expect to spend a little less on classroom supplies than they did in 2017.

The backpack index, conducted in cooperation with Communities in Schools, showed the first year-over-year decrease for elementary- and middle-school supplies in five years.

The index reported that school fees remained flat, college-preparatory materials were up 10 percent over last year, and the cost of classroom supplies dropped across all grade levels.

The index found that parents can expect to pay $637 per elementary-school child, a 4 percent decrease over last year; $941 for middle-school children, a 6 percent decrease over last year; and $1,355 per high-school student, a 9 percent decrease over last year.

“The annual Huntington Backpack Index serves as a useful tool for our clients and American families everywhere to budget their yearly expenditures,” said George Mokrzan, Huntington Bank chief economist. “While the 2018 index found some good news for families, parents continue to pay significant sums to equip their children for a successful school year.”

Chamber event

YOUNGSTOWN

The Youngstown/Warren Regional Chamber announced a “Lattes and Legislators” event this month with U.S. Rep. David Joyce of Bainbridge, R-14th.

The event is scheduled for 8 to 10 a.m. Aug. 17 at the Peter Allen Inn, at 8581 State St. in Kinsman.

Joyce’s district encompasses Ashtabula, Geauga and Lake counties, and parts of Cuyahoga, Portage, Summit and Trumbull counties.

He serves on the House appropriations committee.

At the event, Kevin Cortois of the U.S. Chamber of Commerce will present Joyce with the Spirit of Enterprise Award.

The cost to attend is $10.

Credit unions

COLUMBUS

The Ohio Credit Union League announced that Ohio credit unions are reaching more people and lending more money.

The league reported that in 2017, Ohio credit union loan growth was 7.1 percent, approximately 10 times the population growth in the state.

“More than 2.94 million consumers in Ohio have already made the savvy choice to take control of their finances at a credit union, and whether it’s the family home, brand-new car, or vacation at the lake, credit unions can help consumers get it faster,” said Paul Mercer, Ohio Credit Union League president.

Vehicle finance deals

SANTA MONICA, CA.

Zero percent finance deals dropped to their lowest July level since 2005, according to auto-industry analysts at Edmunds.

Zero percent finance deals accounted for 6.92 percent of sales in July, down from 11.34 percent in July 2017 and 11.18 percent in July 2013, Edmunds reported.

“Zero percent finance deals typically peak in summer months as a tried-and-true automaker method of spurring outgoing model-year vehicle sales, so this appears to mark the end of a fairly long-lived tradition for the industry,” said Jeremy Acevedo, Edmunds manager of industry analysis.