The Iran war's economic hit could linger through 2026, economists say
Economists say Americans should expect elevated prices at the pump and rising grocery costs in the months to come.
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Economists say Americans should expect elevated prices at the pump and rising grocery costs in the months to come.
For now, fed policymakers left short-term interest rates where they are, between 3.5-3.75%.
Stocks fell sharply on Wall Street on Thursday as oil prices rose further because of the war with Iran.
U.S. motorists could soon see higher prices at the pump as oil prices surge following the attacks in Iran.
With affordability a key issue in this year's midterm elections, a recent CBS News poll found 74% of Americans say the trump administration isn't focused enough on lowering prices.
Several major retailers are now charging customers to return items even if they are unopened and in perfect condition.
CBS News polling shows most Americans disapprove of the president's handling of the economy, and Democratic leaders warn some Americans could face more financial challenges with rising health care costs.
The Federal Reserve is meeting to discuss a potential interest rate cut, with policymakers divided on the path ahead. As Lisa Rozner reports, this is happening as many Americans struggle to keep up financially.
Holiday spending is hitting new records, but some data shows that people are buying fewer items amid higher prices.
A CBS News poll shows most Americans feel prices have gone up in recent weeks. Still, many view holiday spending as essential.
A CBS News poll shows most Americans feel prices have gone up in recent weeks. Still, many view holiday spending as essential.
Des Moines Public Schools has released a report claiming it received an incomplete background check and a likely forged transcript when hiring former superintendent Ian Roberts.
Americans are paying significantly more for these food staples, price inflation data shows. Will inflation ever relent?
Northwestern University professor Joel Mokyr was among three people awarded the Nobel Prize in economics on Monday for their research into technological progress and economic growth.
Monthly report shows private employers shed 32,000 jobs last month, another sign the labor market is facing new challenges.
Today's CPI report marks the last major piece of economic data before the Federal Reserve's Sept. 17 rate decision meeting.
The downward revision from the Bureau of Labor Statistics shows the job market was slowing in 2024 and early 2025.
The economy added 22,000 jobs in August, which was far below expectations. As Nikole Killion reports, the jobs report is fueling fresh concerns about a slowdown.
The latest employment data could inform the Federal Reserve's next rate decision meeting, set for Sept. 17.
Federal Reserve Chair Jerome Powell has been under pressure from President Trump to lower the central bank's benchmark interest rate.
Incomes are still trailing inflation four years after the pandemic-era surge in prices, causing a financial pinch for many households.
Economists caution new tariffs could pose economic risks, but the White House says growth is rebounding amid low inflation.
The U.S. officially began levying higher tariffs on dozens of countries, just as the economic fallout of President Trump's months-long tariffs threats was beginning to create visible damage to the U.S. economy.
President Trump said he ordered his administration to fire Bureau of Labor Statistics Commissioner Erika McEntarfer after the July jobs report.
Hiring across the U.S. was weaker than expected in July, a sign the labor market is shifting into lower gear.
Organizers for Lollapalooza are helping fund the next generation of headliners.
Edgar Quero hit a two-run homer in the 10th inning and the Chicago White Sox beat the Chicago Cubs 9-8 on Sunday in the rubber game of their first crosstown series this season.
A fire at the vacant old Balmoral Park racetrack in Crete, Illinois, sent smoke billowing over several south Chicago suburbs Sunday morning.
After more than 80 years, there will be no Ann Sather restaurant location in the 900 block of West Belmont Avenue in Chicago's Lakeview community, effective in June.
Two people were rushed to the hospital from the scene of a fire in Chicago's South Shore neighborhood early Sunday morning.
In a move aimed at curbing the growing problem of "teen takeovers," D.C. U.S. Attorney Jeanine Pirro is threatening to bring charges against parents if their teens violate the local curfew.
State Rep. Josh Turek and State Sen. Zach Wahls squared off Thursday over which candidate can flip Iowa's open Republican-held Senate seat, as millions in outside spending reshapes the primary's final stretch.
Sens. Tammy Duckworth of Illinois and Tammy Baldwin of Wisconsin say their concern is there may be more emergency exit doors than flight attendants in the event of an evacuation.
Ald. Jim Gardiner (45th) is suing the city of Chicago, its inspector general's office, and the Board of Ethics, accusing them of defamation.
The Supreme Court has maintained mail access to the abortion pill mifepristone, setting aside for now a lower court order that blocked abortion providers from prescribing the widely used drug through telehealth and shipping it to patients.
Chatham residents say they're losing a vital resource as Walgreen's prepares to close its store near 86th and Cottage Grove.
According to AAA, the average price of a gallon of regular gas in Chicago was $5.17 on Friday, up from $3.75 a year ago.
Peoples Gas and North Shore Gas Company customers are likely to see minor credits on their bills for the next three years, thanks to a $125 million settlement agreement announced Thursday by Illinois Attorney General Kwame Raoul.
Chicago gas prices are spiking as the war with Iran drags on, with regular gas nearing $6 in some spots and premium already selling for more than $7 in some places.
In the legal venue of anti-trust enforcement, the state is not taking on the Trump administration, but rather filling a void that state officials say the Trump administration has vacated.
At least 80 deaths have been reported in a new Ebola disease outbreak in Congo and Uganda, authorities said.
Engineers at Northwestern University have created a wireless polygraph to detect stress.
Chicago Mayor Brandon Johnson on Wednesday announced an expansion to the city's CARE Program, a specialized team that responds to mental health crises without police.
A Texas couple is filing a lawsuit accusing the AI company of guiding their teenage son in using drugs, resulting in a fatal overdose.
An American on the repatriation flight began showing symptoms of hantavirus and another "tested mildly PCR positive for the Andes virus," the Department of Health and Human Services says.
After more than 80 years, there will be no Ann Sather restaurant location in the 900 block of West Belmont Avenue in Chicago's Lakeview community, effective in June.
Flight attendants at Chicago-based United Airlines have approved a new labor contract, marking their first pay increases in six years.
The Chicago Fire FC announced Wednesday morning that its new stadium in the South Loop will be named McDonald's Park.
U.S. prosecutors allege a man with multiple aliases used the name of the famed Astor family to scam a Mexican billionaire out of $450 million.
Thousands of people marched from the West Loop to Daley Plaza in downtown Chicago on Friday for May Day, with activists calling for workers' rights, stronger labor protections, and increased school funding.
The Chicago-born house music track, which began as a personal poem in 1982 and became a defining anthem of the city's house music scene, has been selected for permanent preservation by the Library of Congress.
The Library of Congress revealed this year's list of 25 recordings to be preserved for future generations on the National Recording Registry.
David Allan Coe also had hits with "You Never Even Called Me By My Name" and "The Ride" among others.
Some youngsters got a behind-the-scenes look at the magic of making opera Sunday at the Lyric Opera of Chicago.
Matt DeCaro, an actor who was a familiar face on the Chicago stage for many years, died this weekend.
Meteorologist Kylee Miller has your 5:30 p.m. First Alert Weather forecast for Sunday, May 17, 2026.
Organizers and local leaders say the event was meant to highlight the contributions of Asian Americans and Pacific Islanders in Chicago.
Meanwhile, a drone attack on a nuclear facility in the United Arab Emirates has America’s Gulf allies on edge. Olivia Rinaldi reports.
Two Navy jets collided in midair, then plummeted to the ground at the air show southwest of Boise.
The Volo Museum in Illinois got a lot of attention for a speeding ticket from New York City for “K.I.T.T.” from “Knight Rider.” Now, the talking car, or at least the actor behind it, is proclaiming its innocence.
A woman appeared in court Sunday on charges that she stabbed her 2-month-old daughter to death in a home on Chicago's Southwest Side.
One person was killed and five others were injured in a multi-vehicle crash on the Eisenhower Expressway in Chicago's western suburbs early Sunday.
A fire at the vacant old Balmoral Park racetrack in Crete, Illinois, sent smoke billowing over several south Chicago suburbs Sunday morning.
Organizers for Lollapalooza are helping fund the next generation of headliners.
After more than 80 years, there will be no Ann Sather restaurant location in the 900 block of West Belmont Avenue in Chicago's Lakeview community, effective in June.
Pothole complaints continue everywhere, but especially on one street in the Pullman neighborhood on the South Side of Chicago.
People in Lincoln Park and Lakeview have rallied against a plan to build a new industrial ComEd electrical substation in their neighborhoods, pushing local and state leaders to get involved.
Monday marks one year since Illinois enacted Karina's Law — legislation aimed at taking firearms out of the hands of people accused of domestic abuse.
Tenants at a South Shore apartment building said they've noticed their rent fluctuating by hundreds of dollars a month due to a change in how their utility billing system is set up.
A man from the Chicago suburbs lost $69,000 of his savings to a scam by a thief using an AI-generated U.S. Marshals badge to intimidate him.
Edgar Quero hit a two-run homer in the 10th inning and the Chicago White Sox beat the Chicago Cubs 9-8 on Sunday in the rubber game of their first crosstown series this season.
Murakami added his 17th homer in the fifth, a two-run shot to center off Jameson Taillon that traveled an estimated 428 feet.
Chris Brady had six saves for Chicago and has six shutouts this season.
Carson Kelly hit a tiebreaking single in the seventh inning and drove in four runs as the Chicago Cubs stopped a five-game White Sox winning streak with a 10-5 victory over their crosstown rival.
Randal Grichuk hit a two-run homer and drove in four runs, leading the Chicago White Sox to a 6-2 victory over the Kansas City Royals.
A court hearing was held Sunday for a woman charged with stabbing her 2-month-old daughter to death in a home on Chicago's Southwest Side.
A motorcyclist was found with a gunshot wound on the Eisenhower Expressway on Chicago's West Side Saturday night.
The ages of the victims range from 19 to 55, according to Chicago police.
A Davison Township police chief released body camera video showing how a senior "water wars" prank brought an officer within milliseconds of opening fire on a student.
A man was found shot to death Thursday morning in Chicago's West Garfield Park neighborhood.
