CNN Money's Maribel Aber has your top business and financial news on this Monday, May 5.
NEW YORK, NY (CNN) - CNN Money's Maribel Aber has your top business and financial news on this Monday, May 5.
In many of the nation's housing markets, the rent has gotten too damn high. One out of three Americans now live in a housing market where rent for a three-bedroom home eats up more than 30% of the monthly median income, the traditional threshold for affordability, according to RealtyTrac. And in some cities, residents are doling out a much larger percentage of their paychecks. In New York City's borough of the Bronx, the typical household spends nearly 66% of their monthly income to rent a three-bedroom house -- by far the highest percentage of any U.S. county, RealtyTrac found.
Red Bull and the Clippers are back on. The two will resume marketing immediately and continue a partnership with Clippers star Blake Griffin, the company said. Red Bull and a dozen other companies suspended sponsorships with the Los Angeles-based NBA team after racist comments made by team owner Donald Sterling were revealed. Neither said how much the team or Griffin deals are worth. But Griffin holds a lucrative, five-year contract with the team, according to California and sports media reports.
Hiring reached a two-year peak in April. But before you start printing a resume and getting your hopes up, economists are urging caution -- there have been numerous false starts for jobs over the last five years. "We keep waiting for the economy to kick it into higher gear," said Mark Zandi, chief economist with Moody's Analytics. "It feels like that could be happening this time. But I've felt that before and I've been wrong, so I'm hesitant to say that is going to happen now." Part of the April hiring jump could be employers making up for delays caused by lousy winter weather, which has been blamed for much of the near-zero economic growth in the first three months of the year.
Millennials are not only saving for retirement at an earlier age than their parent's generation, but they are also saving more aggressively. This generation (born after 1978) started saving at a median age of 22, more than a decade earlier than their Baby Boomer parents and five years before Gen Xers, a survey from the nonprofit Transamerica Center for Retirement Studies found. Among Millennials who are being offered a 401(k) plan, 71% are participating in their employer's plan -- socking away a median 8% of their annual salary, the survey of more than 4,000 workers found.