Morning Business Report: More young adults move back home as weak job market pressures recent graduates

Young adults across the country are moving back in with their parents at levels not seen since the COVID-19 pandemic.

(NBC)- Young adults across the country are moving back in with their parents at levels not seen since the COVID-19 pandemic.

According to The New York Times, citing economic research data, more than 25% of recent graduates ages 23 to 27 are living with their parents again.

Research suggests the trend is being fueled in part by a weak entry-level job market, making it more difficult for young adults to establish themselves financially after graduation.

The latest jobs report added to concerns about the labor market. The U.S. lost 23,000 jobs in July, with most of the losses coming from government and education.

Despite the disappointing report, Wall Street moved higher, with the S&P 500 closing at another record high.

Meanwhile, Bank of America CEO Brian Moynihan says the company spends more than $250 million annually covering weight-loss and diabetes drugs such as Ozempic and Wegovy for employees. Moynihan called the expense a “good investment” but said the bank is pushing drugmakers and pharmacy benefit managers to lower prices.

A Wall Street Journal analysis also found auto insurers did not pay out on 45% of auto liability and medical claims they resolved last year. The finding comes as Americans were involved in more than six million traffic accidents during the year.

And when Americans buy new vehicles, most are sticking with neutral colors. A study from iSeeCars found white, black, gray and silver now account for 80.4% of the vehicle market, up from 47.3% in 1996.