Morning Business Report: Teens can expect wages to be 9% higher this summer

The average wage for teens across the nation is expected to reach nearly $15 per hour this summer. There are plenty of opportunities for teenage workers. In April alone, there were 10 million job openings. Many of those openings were roles teens often work in, such as lifeguard, camp counselor, waiters, and retail workers. The Wall Street Journal reports many older workers were pushed out during the pandemic, and that teens are benefitting from the lack of competition.

Banks are pulling in less money from overdraft fees. The third quarter of 2022 is down more than 20% when compared to the third quarter of 2019. That translates to a $5 billion fall each year. Bank of America experienced the most significant decline of 69%, which may reflect the reduction of its overdraft fee to $10.

Monday, the S&P 500 jumped to the highest it’s been in 13 months. Traders hope the Federal Reserve will skip hiking rates when the Central Bank decides on policy.
An inflation report was released today.

America’s automakers are expanding. General Motors will invest $632 million into production of its next-generation, full-size pickup trucks at a plant in Indiana. Ford is also working to boost output at the Michigan factory, working towards a rate of 150,000 vehicles annually by the end of 2023.

7-Eleven’s Slurpee is about to look a whole lot different. The fresh cup design is part of the retailer’s ‘anything flows’ advertising campaign. It features ‘eccentric colors and eclectic vibes’ along with its new logo, a large ‘S.