The bottom line
More than 40 percent of all housing wealth in the U.S. is now in the hands of those ages 60 and older, according to the New York Fed. In 2006, on the eve of the financial crisis, that figure was 24 percent. Financial Times
Tying the knot cost the average American couple $26,000 last year, according to the Wedding Report, a market research firm. Newlyweds forked out a total of $56.2 billion on getting hitched at 2.2 million ceremonies, which is more than the annual GDP of half the countries of the world. Although only a fifth of couples hired a wedding planner, costs such as photography ($2,800), drinks ($2,400), and invitations ($800) all took their toll. The Economist
For the first time in its 226-year history, the New York Stock Exchange is being led by a woman. Stacey Cunningham, who began her career as a floor clerk on the exchange in 1996, became the 67th president of the Big Board this week. USA Today
American consumers use the Starbucks app more than any other to make mobile payments, thanks to the company’s rewards-heavy loyalty program. By the end of this year, 23.4 million people will have used the Starbucks app, compared with 22 million for Apple Pay, 11 million for Google Pay, and 9.9 million for Samsung Pay. Barrons.com
American banks had their most profitable quarter on record in the first three months of this year. Overall profits in the period increased by 28 percent to $56 billion, buoyed by President Trump’s tax cuts and a healthy economy. The profits were also widespread: 70 percent of the nation’s 5,606 banks grew their bottom line during the quarter. CNN.com
Sneaking a peak at the Apple Watch
“When the Apple Watch launched in 2015, it wasn’t exactly clear who, or what, it was for,” said Mike Murphy in Qz.com. But for workers in the service industry—airline attendants, bartenders, baristas, retail staff, and even TSA employees—the $329 watch has become “indispensable.” Many service-industry jobs prohibit employees from checking their phone during a shift. “But that rule doesn’t necessarily apply to a piece of unobtrusive jewelry” that lets you quickly peruse email or text your friends. In interviews across the industry, workers “all said the same thing: The Apple Watch keeps them in touch when they can’t be on their phones.” Given that 23 percent of the U.S. labor force works in wholesale and retail operations, it’s a market Apple should consider targeting. Manhattan bartender Francisco uses his watch to check notifications and track calories. “It keeps me motivated,” he said.