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.
At 22-12, the Cubs are a season-high 10 games over .500.
The department said the victim has been identified, but is working to locate next of kin.
Joliet police said officers responded to the scene and found a 31-year-old man suffering from a gunshot wound to the head.
PAWS Chicago welcomed 25 beagles from a massive rescue operation on Saturday.
The White Sox broke through against Michael King (3-2) in the sixth and then chased the Padres' top starter in the seventh.
Elmwood Park, Center Cass, Oak Lawn Hometown, and Atwood Heights are among the Illinois districts being investigated by the Justice Department over classroom instruction on gender and sexuality.
Negotiations over a $500 million dollar government aid package for Spirit stalled after bondholders balked at the terms.
The longest shutdown of a federal department in U.S. history came to an end on Thursday when President Trump signed a bill to fund most of the Department of Homeland Security following a breakthrough on Capitol Hill.
The Coast Guard will run out of funding to pay personnel on May 1, with the first missed paychecks expected May 15.
Illinois lawmakers are not planning to pursue a constitutional amendment on redistricting after a key U.S. Supreme Court ruling on Wednesday.
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.
A passenger on an American Airlines flight from New York to Chicago has been charged with making a false bomb threat that forced an emergency landing at Detroit Metro Airport last month, according to a federal criminal complaint.
The second-largest physicians' group in the U.S. has issued a surprising switch in breast cancer screening recommendations.
A new $48 million wellness center opened Thursday in the West Garfield Park neighborhood. The goal is to improve the health and quality of life for people on the West Side of Chicago.
La Rabida Children's Hospital went all out for Earth Day on Wednesday, with volunteer cleanup efforts by staffers and activities for patients and families.
It has been several weeks since West Suburban Medical Center in Oak Park, Illinois, abruptly shut down — and then on Wednesday, it just as swiftly partially reopened, with some services available.
The Centers for Disease Control and Prevention says more than 80% of deaths related to pregnancy are preventable, and Black women are three times more likely to die from pregnancy-related causes than white women.
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.
A $170 million-plus plan announced this week will redevelop the Water Tower Place mall on the Magnificent Mile.
The Holiday Club in Chicago's Buena Park neighborhood will soon be going out of business, as the building that houses the popular bar is set to be torn down.
At a meeting on Tuesday, the Lincolnwood Village Board approved a pre-development agreement with the mall, providing a roadmap with the property owner for further preparations and government approvals for redevelopment.
The only remaining location of Pal Joey's pizzeria in Batavia, Illinois, will soon be going out of business, its owner announced this week.
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.
Jake was at the funeral for one of his closest friends when he learned of his parents' deaths, he said.
Tickets for the 2026 Ravinia Festival season went on sale Thursday morning.
A weak upper-level disturbance will keep clouds and scattered showers around for Sunday. Meteorologist Mary Kay Kleist has the latest in First Alert Weather.
Chicago police are looking for the people responsible for separate shootings that didn’t happen far from each other. At least three victims were taken to the hospital in critical condition.
From a foundation helping people to rebuild their lives to the Chicago sky giving the city a high five. Here’s what caught Suzanne Le Mignot and Mary Kay Kleist’s eye this week.
Last week, more than a thousand dogs were rescued from Ridglan Farms in Blue Mounds, Wisconsin, after weeks of protests over their treatment of the dogs.
The victim suffered trauma to the body and was taken to Mt. Sinai, where he was pronounced dead.
Joliet police said officers responded to the scene and found a 31-year-old man suffering from a gunshot wound to the head.
PAWS Chicago welcomed 25 beagles from a massive rescue operation on Saturday.
The department said the victim has been identified, but is working to locate next of kin.
Habitat for Humanity and By the Hand Club for Kids broke ground on the project last spring.
The ages of the victims range from 16 to 58, according to Chicago police.
More than four months after a Chicago woman battling ALS was told she couldn't get a disabled parking placard in front of her home, the sign is up and her life is about to change.
An elderly woman has essentially abandoned her home of three decades because of constantly broken elevators at her high-rise condo building on the Southwest Side of Chicago.
Violent retail crime is on the rise in Illinois, according to a new report from the Illinois Organized Retail Crime Association.
A top administrator in the Libertyville school district has been placed on leave after a fiery school board meeting focused on how the district handled allegations of grooming leveled against a former teacher.
Potholes along one stretch of road in Chicago's Pullman neighborhood are so bad, people say they damage their cars just getting to work.
At 22-12, the Cubs are a season-high 10 games over .500.
The White Sox broke through against Michael King (3-2) in the sixth and then chased the Padres' top starter in the seventh.
The Cubs had not won 10 in a row at home since they had 14 straight victories at Wrigley from May 18-June 22, 2008.
Munetaka Murakami hit his majors-leading 13th homer of the season to highlight a six-run second inning, Colson Montgomery added his ninth home run, and the Chicago White Sox beat the San Diego Padres 8-2 for their fourth straight win.
Michael Busch had two hits and two RBIs, helping Colin Rea and the Chicago Cubs top the Arizona Diamondbacks 6-5.
Chief Geoff Guttschow, who has an autistic child who drives, says the Blue Envelope Program gives officers a tool to recognize when a driver may need additional communication support.
A woman has been charged with shooting a 15-year-old boy outside an indoor track facility near Gately Park in Chicago in 2024, after getting into a fight with another woman during a back-to-school event in the Pullman neighborhood.
Sexual abuse charges were filed this week against a Park City, Illinois, police officer.
Attorneys for the man convicted of the murders of two girls in Delphi, Indiana, have filed a new brief with the Indiana Court of Appeals to overturn his case.
Attorneys for a woman convicted of killing her 69-year-old landlord in Chicago's Arcadia Terrace community have filed an appeal.
