Iran war fallout raises odds of a U.S. recession, economists say
Economists say the conflict in Iran is making a recession more likely, with higher energy prices hitting consumers and businesses.
Watch CBS News
Economists say the conflict in Iran is making a recession more likely, with higher energy prices hitting consumers and businesses.
Mortgage rates, though still well below their level a year ago, have edged up since the Iran war erupted. Here's why.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
The Bureau of Labor Statistics released new numbers about the overall economy, showing modest inflation of .3% last month and 2.7% in the year. Streaming video services were a major outlier and saw an inflation of nearly 20% in the same period.
Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
President Trump says he's winning the war against inflation. But a look at prices around the U.S. shows why many Americans still feel financially squeezed.
The Federal Reserve is grappling with economic issues including higher inflation and a slowing labor market.
Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
The Consumer Price Index climbed at an annual rate of 3% in September, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
Social Security's annual cost-of-living adjustment is aimed at helping the program's 75 million beneficiaries keep pace with inflation.
Citing the shutdown, the Social Security Administration postponed its announcement of the annual payment bump beneficiaries will receive in 2026.
The Consumer Price Index is now at 2.9%, up a 0.4% from the previous month.
Today's CPI report marks the last major piece of economic data before the Federal Reserve's Sept. 17 rate decision meeting.
The cost of electricity is rising faster than inflation, with one in six households behind on their electric bills.
Prices rose at an annual pace of 2.6% in July, the same rate as the previous month and in line with economist forecasts.
Wages are still lagging behind inflation four years after the pandemic caused prices to soar and created a cost-of-living crisis for many households, a new study finds.
The producer price index, or PPI, surged last month, far outpacing economists' forecasts and suggesting that President Trump's tariffs are starting to significantly drive up the cost of imported goods.
Americans are reining in their spending at fast-food restaurants as they continue to face economic uncertainty.
The inflation rate was cooler than expected, with July's CPI rising 2.7% on an annual basis.
The Consumer Price Index, which measures inflation, rose 2.7% on an annual basis in July, slightly cooler than forecasted. Prices, however, continue to be impacted by Trump's tariffs.
Economists caution new tariffs could pose economic risks, but the White House says growth is rebounding amid low inflation.
CBS News is tracking the rising cost of products most impacted by tariffs already imposed and new ones announced by President Trump, from grocery items to cars and trucks.
Hiring across the U.S. was weaker than expected in July, a sign the labor market is shifting into lower gear.
The Consumer Price Index in June rose 2.7% on an annual basis, in line with economists' predictions.
Family comes first, and mom leads the way for the Carusos, and their passion is Chicago's famous signature condiment, giardiniera.
Chicago is buzzing with March Madness, not just because the Fighting Illini continue their run in the NCAA Tournament, but because the United Center is hosting Sweet 16 and Elite 8 games this weekend.
Two people were killed and two others were seriously injured when two cars collided Friday evening in west suburban Downers Grove.
Shai Gilgeous-Alexander scored 25 points and the Oklahoma City Thunder used a 22-0 run in the second half to beat the Chicago Bulls 131-113.
Dylan Garand made 27 saves for his first NHL win as the Rangers downed the Blackhawks 6-1 on Friday night.
Iran-linked cyber criminals accessed FBI Director Kash Patel's personal email account, sources said.
The Justice Department has made public millions of pages from its investigation into convicted sex offender Jeffrey Epstein.
The House passed a measure to fund the Department of Homeland Security for 60 days — but it's still unclear how the shutdown will end as the Senate, which approved its own funding plan, is on recess.
The Treasury Department plans to add President Trump's signature to new U.S. paper currency, a first for a sitting president.
An amendment that would require voters to show photo identification to cast a ballot failed to advance in the Senate on Thursday.
Illinois Secretary of State Alexi Giannoulias this weekend issued a warning about a surge in text messages that falsely claim to come from his office or the DMV within it.
Tenants at a South Loop luxury high-rise that has been plagued with problems like broken elevators are vowing to fight five-day eviction notices.
It's become an annual March Madness tradition at CBS Chicago, pitting our city's best eateries in direct competition in a foodie bracket challenge. We did pizza, we've done Italian beef, we've done Chicago dogs. This year, we're taking flight with wings.
For Cook County residents hoping to lower their property tax bills, applications are open for exemptions.
Officials in the north Chicago suburb of Wilmette issued a warning Tuesday about scammers who are impersonating representatives of village departments.
Ending domestic violence is the goal of groups and advocates all over the world, and some experts in Chicago say it is time to become less reactive and more proactive when it comes to the people causing harm.
A new Iowa law bans local nondiscrimination protections on the basis of gender identity after the state became the first in the U.S. to roll back its civil rights code last year.
Food containing norovirus may smell and taste normal but still cause serious illness if consumed, FDA warns.
Illinois Gov. JB Pritzker on Monday announced a $1.5 billion investment from biotherapeutics company CSL for a new plasma therapy manufacturing plant in Kanakee.
When a doctor was told there was no cure for his daughter's condition, he was motivated to transform not only her health, but the lives of thousands of others.
The owners of the popular Uncommon Ground restaurant, live music venue, and brewery in Chicago's Wrigleyville community announced this week that they're looking for a successor to take over the business.
Chicago consistently ranks in the top three cities in Fortune 500 company headquarters, and now a competition has been launched to build on Chicago's power in business.
The flagship Ann Sather restaurant on Belmont Avenue in Chicago's Lakeview community will be moving later this year, a restaurant representative said Tuesday.
Chicago Bulls legend Scottie Pippen threw some shade at former teammate Michael Jordan in a new pop commercial.
The City Council in Aurora, Illinois, is likely to lay down the hammer on data centers.
Chicago-native John Mulaney announced a new stop at the Wisconsin State Fair this summer.
Following a ribbon-cutting attended by Chicago Mayor Brandon Johnson on Saturday, people were let inside the new space, at 5035 N. Broadway right off Argyle Street, for a special open house.
Chuck Norris' family said his death at 86 was sudden, but did not share any details on the cause.
ABC has canceled its already filmed season of "The Bachelorette" starring Taylor Frankie Paul after video surfaced of a 2023 incident in which she was charged with assault.
Acclaimed Chicago bar and music venue The Hideout has been sold to a performer and former employee, but the owners said it will carry on as the same beloved place that visitors have always known.
Chief meteorologist Albert Ramon has the latest First Alert Weather forecast.
Family comes first, and mom leads the way for the Carusos, and their passion is Chicago's famous signature condiment, giardiniera.
Chicago is buzzing with March Madness, not just because the Fighting Illini continue their run in the NCAA Tournament, but because the United Center is hosting Sweet 16 and Elite 8 games this weekend.
With the partial government shutdown now in its sixth week, there's still no end in sight. While the House has passed a bill to fund the entire Department of Homeland Security through May 22, it's likely to fail in the Senate, which is in recess for two weeks. TSA employees are missing their second full paycheck, but a new measure from President Trump could bring some relief.
Pete Crow-Armstrong will be a Cub at least through the 2032 season. He and president of baseball operations Jed Hoyer held a press conference Friday to talk about PCA's new 6-year, $115 million contract extension.
Chicago is buzzing with March Madness, not just because the Fighting Illini continue their run in the NCAA Tournament, but because the United Center is hosting Sweet 16 and Elite 8 games this weekend.
Prosecutors laid out the details of the fatal Chicago shooting of Loyola University student Sheridan Gorman at a detention hearing for her accused killer Friday.
The men charged in the deadly Chicago shooting of a beloved businessman near the United Center earlier this week will remain in custody. Prosecutors said they were staking out the business where the victim was shot.
With just two days' notice, West Suburban Medical Center in Oak Park has shut down, and all patients are being cleared out by the end of the day on Friday, but the CEO of another hospital is offering to help.
Family comes first, and mom leads the way for the Carusos, and their passion is Chicago's famous signature condiment, giardiniera.
Two more women have filed lawsuits against Massage Envy, accusing the company of failing to protect them against sexual assaults by two of their therapists.
Homeowners in Berwyn said they are constantly having to pump out sewage to keep it from flooding their basements.
CBS News Chicago learned that she was hired at the school in Mundelein in 2023, which was after DCFS found credible evidence that Servant had injured her children as a form of discipline.
United Steel Workers union representatives said that some workers had already had their access cards deactivated.
Have you ever walked into a business with no employees? You may soon; autonomous businesses are becoming more popular.
Shai Gilgeous-Alexander scored 25 points and the Oklahoma City Thunder used a 22-0 run in the second half to beat the Chicago Bulls 131-113.
Dylan Garand made 27 saves for his first NHL win as the Rangers downed the Blackhawks 6-1 on Friday night.
The Fighting Illini are one win from a trip to the Final Four after an impressive win over in the Sweet 16 Thursday night.
The Chicago Bears will have to wait until at least April for action on a property tax bill that would boost their efforts to build a new stadium in Arlington Heights, as the Illinois House is set to adjourn Friday.
A Chicago-area fan yelled about the White Sox when Pope Leo passed by in his Popemobile, and the Pope responded with a thumbs up and smile.
Police on Thursday were investigating two shootings that happened in broad daylight the day before in Chicago's Hyde Park and Woodlawn neighborhoods.
A man was shot and critically wounded in broad daylight Thursday in Chicago's Humboldt Park neighborhood.
A 17-year-old boy was shot multiple times and critically wounded in Chicago's Back of the Yards neighborhood early Thursday morning.
Two men and a woman were slashed in a fight with another man they knew inside a home in Chicago's Bronzeville neighborhood early Thursday morning.
Large crowds and lots of flashing police lights filled the Loop Wednesday night.
