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.
A building owner in the South Shore neighborhood said he can't get any help from the city of Chicago with a mounting trash pile on his neighbor's property.
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.
Ian Happ hit a long home run and five Chicago Cubs pitchers combined for a 2-0 shutout of the Atlanta Braves that snapped a four-game losing streak.
Nazareth Academy senior Landon Thome is one of the top baseball players in Illinois, and his dream is to play in the big leagues like his Hall of Fame dad, Jim Thome, who's been there with him throughout his high school career.
The Bears will kick off the season against the defending NFC south champion Carolina Panthers.
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.
Chicago taxpayers could pay $3.5 million to the family of a man who was killed by a driver being chased by police in the Little Village neighborhood in 2020, under a settlement recommended by the city's attorneys.
Attorneys for the city of Chicago are recommending that the City Council approve a $13 million settlement with a man who spent 26 years in prison after he was wrongfully convicted of murder in 1994.
U.S. Border Patrol Chief Michael Banks, who was appointed to the role last year, told staff on Thursday that he is stepping down.
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.
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.
More than 100 people from a cruise ship dealing with an outbreak of the rare and deadly hantavirus are set to be disembarked.
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.
A $170 million-plus plan announced this week will redevelop the Water Tower Place mall on the Magnificent Mile.
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.
Chief meteorologist Albert Ramon has the latest First Alert Weather forecast.
A building owner in the South Shore neighborhood said he can't get any help from the city of Chicago with a mounting trash pile on his neighbor's property.
The Supreme Court on Thursday 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.
The CDC says 41 Americans are being monitored for Hantavirus, including at least 16 who were not aboard the cruise ship at the center of a deadly outbreak.
Seven stores in a strip mall in Maine Township in unincorporated Cook County were burglarized overnight, after thieves smashed their windows, leaving business owners trying to pick up the pieces.
The Cook County Medical Examiner's office identified him as 61-year-old Steven Decker. Fire Department officials said he was a 30-year veteran of the department.
A building owner in the South Shore neighborhood said he can't get any help from the city of Chicago with a mounting trash pile on his neighbor's property.
A man's family is demanding answers after he was shot by a security guard inside a hospital emergency room waiting area on Tuesday night in Gary, Indiana.
After the public learned about Chicago girls left high and dry when a Humboldt Park shop didn't deliver their prom dresses, strangers across the city are stepping up to help.
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.
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.
Illinois lawmakers are trying to decide what should happen when artificial intelligence leads to serious destruction or even death, and two of the most influential AI companies in the world are backing opposing state bills trying to answer that question.
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.
Ian Happ hit a long home run and five Chicago Cubs pitchers combined for a 2-0 shutout of the Atlanta Braves that snapped a four-game losing streak.
Nazareth Academy senior Landon Thome is one of the top baseball players in Illinois, and his dream is to play in the big leagues like his Hall of Fame dad, Jim Thome, who's been there with him throughout his high school career.
The Bears will kick off the season against the defending NFC south champion Carolina Panthers.
The Detroit Lions will host the defending NFC North champion Chicago Bears in Detroit's annual Thanksgiving Day game.
A man was found shot to death Thursday morning in Chicago's West Garfield Park neighborhood.
One man was killed and another was critically injured Thursday morning in a shooting in Chicago's Edgewater neighborhood.
A young man was shot and killed while getting into his car in the Ashburn neighborhood on Chicago's Southwest Side Thursday morning.
A Chicago-area man who ran a business helping people apply for asylum and immigrant visas was recently sentenced to nine years in prison for fraud and child pornography.
Alex Murdaugh was convicted of his killing his wife and his son at the family's home in 2021.
