Business Headlines for the Week:
1. More homebuyers seek parental backing for purchases
2. TSA: New traveler number record set on Friday
3. Number of high-paying remote and hybrid jobs plummets
4. Amazon joins competitors in slashing grocery prices
5. AR and VR industries expect major growth

The housing market is seeing a new trend emerge as more homebuyers are seeking parental backing for their purchases. According to a Freddie Mac analysis, the share of young home buyers relying on older mortgage co-signers, often parents, is at its highest level in at least 30 years. Additionally, a separate analysis by Redfin shows that the trend of older co-signers on younger home buyers’ purchases has increased even more in 2023.

In another business headline, the Transportation Security Administration (TSA) set a new record for the most travelers screened in a single day, with 2.95 million people passing through security checkpoints on Friday. This marked the third busiest day on record for the TSA, with just under 2.9 million passengers screened the day before. Five of the top 10 busiest travel days in TSA history have occurred in 2024.

On the job front, a study by Ladders found that the number of high-paying remote and hybrid jobs has plummeted significantly. Remote and hybrid jobs paying at least $250,000 annually have decreased by 95% and 60%, respectively, over the past year. Only about 4% of these high-paying jobs are now fully remote, down from 10% a year ago.

In the retail sector, Amazon has joined competitors like Target and Walmart in slashing grocery prices by up to 30% in an effort to attract customers amid rising inflation. The company announced that it will reduce prices on 4,000 items at its Amazon Fresh grocery stores both online and in brick-and-mortar locations, offering discounts on a variety of products including meat, seafood, frozen food, and more.

Lastly, the augmented reality (AR) and virtual reality (VR) industries are expected to experience significant growth in the coming years. Market-foresight advisory firm ABI Research predicts a 60% growth in the AR industry and a 44% growth in the VR industry from 2024 to 2030. This growth is anticipated to be driven by applications in education and first responder training, rather than the gaming industry.