Morning Business Report

The Morning Business Report is sponsored by Access Health CT Small Business.

(WFSB) – Here is the Morning Business Report for May 12.

Hiring spree

A Connecticut-based company is hiring 40,000 workers this month. Subway is the latest fast-food company to announce a hiring spree. The sandwich chain said it plans to hire 40,000 employees across its 20,000 us restaurants ahead of summer. 

The push comes as 42 percent of small business owners surveyed in March said they had job openings they can't fill.

Subway will let workers apply by text message.

Home sales

U.S. home sales are likely to hit a record high of $2.5 trillion in 2021.

Redfin says that’s a 17 percent year-over-year gain that would mark the largest annual increase in percentage terms since 2013.

The U.S. housing market has undergone a meteoric rise during the coronavirus pandemic, fueled by record-low mortgage rates and a wave of migration made possible by remote work.

Kids’ allowance

Roostermoney, the allowance and chore tracking app, has released its kids allowance report revealing that kids are now earning $9.35 a week, versus $7.26 last year, pre-lockdown.

The increase has come from kids embracing their entrepreneurial spirit by doing extra jobs around the house, and selling things online, like old toys and clothes.

As well as earning more, kids are also saving an impressive 48 percent.

Stock market update

Investors pulled back on stocks Tuesday as a sell-off that began in tech companies broadened to other sectors, sending the major us indices down.

The Dow Jones Industrial Average tumbled about 450 points.

Copyright 2021 WFSB (Meredith Corporation). All rights reserved.

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