Hiring surged in June, shrugging off economic worries
Employers across the U.S. added 147,000 jobs in June, while the unemployment rate fell to 4.1%.
Watch CBS News
Employers across the U.S. added 147,000 jobs in June, while the unemployment rate fell to 4.1%.
Fed Chair Jerome Powell responded with a one-word answer when asked if he'd step down if asked by President-elect Donald Trump.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
Inflation-weary consumers have also been slammed by high borrowing costs, but the Fed is cautious about sticky inflation.
President Biden is hoping to stack the Central Bank with its top governors as it continues working to stem inflation.
Latest hike brings the U.S central bank's benchmark interest rate to its highest level in 16 years.
The regional lender, whose collapse is the second-biggest bank failure in U.S. history, is the third bank to be seized by regulators since March.
All deposit accounts at Silicon Valley Bank and Signature Bank in New York will be guaranteed, the Federal Reserve, Treasury Dept. and FDIC said in a joint statement.
President Biden is highlighting January's job report after it soared past economists' predictions. Jeanna Smialek, a financial reporter at The New York Times, joins CBS News to discuss what the numbers mean for the state of the U.S. economy and future Fed moves.
Personal consumption expenditures increased at the lowest rate in over a year, showing the long run-up in prices is likely ending.
The central bank boosted interest rates for the seventh time this year, which means pricier debt and loans.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Economists expect a sharp increase in borrowing costs. That could impact credit cards, loans and other debt.
The top news stories you might not have heard about this week
The Federal Reserve bumped up its most important interest rate another quarter point on Wednesday, its seventh rate hike since late 2015.
The Fed is boosting its key short-term rate by a modest quarter-point to a still-low range of 1.5 percent to 1.75 percent and will keep shrinking its bond portfolio. Both steps show confidence that the U.S. economy remains sturdy nearly nine years after the Great Recession ended.
The Federal Reserve Bank of San Francisco apologized Tuesday for a political message posted to the bank's Twitter page.
On Monday, the Treasury Department sold 553,846,153 shares in AIG on Monday, turning an $18 billion profit on the $32.50 a share price.
Traditionally, home equity rises as a mortgage is paid off, but home values continue to plunge since the bubble burst in 2006.
A showdown vote in the Senate over a proposed cap on fees that stores charge for a debit card swipe is pitting bankers against merchants — but will consumers lose either way?
The Federal Reserve plans to release documents on Thursday identifying financial companies that received Fed loans to survive the financial crisis.
Consumers borrowed more in January to purchase new cars but were once again frugal with credit card purchases, offering a mixed sign of their confidence in the economy.
Jason Robertson had two goals and an assist, and the Dallas Stars beat the Anaheim Ducks 8-3 for their third straight win.
The crash left part of the southbound 5 Freeway closed.
Deputies arrested a 51-year-old man in connection with the 2006 shooting in Highgrove, according to a news release from the Riverside County Sheriff's Office.
Alex Laferriere scored three times and the Los Angeles Kings finally found their offense in a 6-1 win over the Anaheim Ducks.
Rock music legend Sammy Hagar has donated $10,000 to a 12-year-old boy who was injured when a helicopter crashed on him in Huntington Beach in October.
Several lanes of the 5 Freeway were closed and a shelter-in-place order was issued to residents in Castaic, California, after a gas line ruptured on Saturday.
The crash left part of the southbound 5 Freeway closed.
Deputies arrested a 51-year-old man in connection with the 2006 shooting in Highgrove, according to a news release from the Riverside County Sheriff's Office.
Rock music legend Sammy Hagar has donated $10,000 to a 12-year-old boy who was injured when a helicopter crashed on him in Huntington Beach in October.
It happened at around 5:25 p.m. at a home in the 3500 block of S. Spearing Avenue, said the Los Angeles Fire Department.
It happened at around 5:25 p.m. at a home in the 3500 block of S. Spearing Avenue, said the Los Angeles Fire Department.
The 5 Freeway north of Los Angeles was closed for hours and a shelter-in-place order was issued to more than 19,000 residents in Castaic after a natural gas line ruptured on Saturday afternoon.
Five people, including two children, were injured in a two-car crash that happened after a large boulder fell onto Highway 18 near Big Bear Lake on Friday night.
The chase began in Hacienda Heights, officers said.
The pedestrian was struck and killed at around 5 a.m. on Friday morning near Van Nuys Boulevard and Armita Street, according to LAPD detectives.
Rock music legend Sammy Hagar has donated $10,000 to a 12-year-old boy who was injured when a helicopter crashed on him in Huntington Beach in October.
It happened at around 10:23 p.m. on Saturday near S. Gilbert Street and Carol Drive, according to the Fullerton Police Department.
Police say that the shooting stemmed from a fight at a party on Friday night.
Southern California air quality regulators extended a no-burn alert for much of Los Angeles, Orange, Riverside and San Bernardino counties.
With Hanukkah underway and Christmas approaching, CBS LA is issuing a Next Weather Alert for rainy weather this holiday season.
Deputies arrested a 51-year-old man in connection with the 2006 shooting in Highgrove, according to a news release from the Riverside County Sheriff's Office.
Five people, including two children, were injured in a two-car crash that happened after a large boulder fell onto Highway 18 near Big Bear Lake on Friday night.
Highway 2 leading into Wrightwood is washed out due to flooding, with evacuation and safety warnings in place as crews work to get the situation in the area under control, according to San Bernardino County Fire.
Two people were arrested for allegedly stealing a horse worth approximately $80,000 in November, according to the Riverside County Sheriff's Office.
Firefighters said that the pilot deployed an "airframe parachute system," which allowed the aircraft to make a safe landing in the Cleveland National Forest.
It marks the second lawsuit in recent months accusing the filmmaker and studio mogul of leveraging his power in Hollywood to make sexual advances.
Several major retailers are now charging customers to return items even if they are unopened and in perfect condition.
Karoline Leavitt and her husband, Nicholas Riccio, welcomed their first child, also named Nicholas, in July 2024.
With President Trump declaring Dec. 26 a federal holiday, here's what's open and closed on Dec. 26.
A strong storm system that brought relentless winds, rain and snowfall to California was expected to ease Friday, but there was still a risk of more mudslides and flooding, forecasters said.
Karoline Leavitt and her husband, Nicholas Riccio, welcomed their first child, also named Nicholas, in July 2024.
Strikes against ISIS targets in Nigeria come after President Trump spent weeks accusing the West African country's government of failing to rein in the persecution of Christians.
The Justice Department said the process of releasing the Epstein files may take "a few more weeks" due to the volume of materials.
The Justice Department is facing continued backlash over its partial releases of the Epstein files, with lawmakers and survivors denouncing the limited scope of the disclosures.
Secretary of the Interior Doug Burgum said the agency is pausing leases for five offshore wind farms "due to national security concerns."
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
A bill that would reverse a 25% tax increase on California's legal cannabis industry is heading to Gov. Gavin Newsom's desk, after being approved by the legislature.
Meal kit delivery firm HelloFresh will pay $7.5 million to settle a lawsuit accusing it of misleading customers and making it difficult for them to cancel their subscriptions.
With the help of her daughter and her 5th-grade class, CBS News California (KCAL) Investigative reporter Julie Watts investigates "Sephora Kids" concerns.
A Southern California man has pleaded guilty for his role in a scheme that stole more than $2 million from San Francisco-based food delivery company DoorDash, federal prosecutors said.
Millions of people with an Affordable Care Act health plan face a massive jump in premiums next year — this chart shows just how much.
"I don't know how I'm going to pay for this," said one person with an Affordable Care Act plan that will cost her $1,100 a month starting in January.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
In an interview with CBS News, FDA Commissioner Dr. Marty Makary explains what went into the decision to drop the most serious warnings on hormone therapy for menopause.
At least 11 people have contracted Salmonella linked to powder supplements sold at Sam's Club stores nationwide, health authorities said.
About 30% of San Francisco was without power at the height of the outage, according to utility provider PG&E.
The DMV said it is giving Tesla Motors 60 days to address its misleading use of "autopilot," or it could have its dealer license temporarily suspended.
California is set to join a growing list of states banning the practice of cat declawing, under a new law taking effect in January.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
Waymo has begun offering autonomous robotaxi service using freeways for the first time in select cities in California and Arizona, the company announced.
Jason Robertson had two goals and an assist, and the Dallas Stars beat the Anaheim Ducks 8-3 for their third straight win.
Alex Laferriere scored three times and the Los Angeles Kings finally found their offense in a 6-1 win over the Anaheim Ducks.
C.J. Stroud threw for two long touchdowns on Houston's first two drives of the game, and the Texans went on to beat the Los Angeles Chargers 20-16 on Saturday and clinch a third consecutive playoff berth for the first time in franchise history.
James Harden had 34 points, Brook Lopez scored 31 points, including a career-high nine 3-pointers, and the Los Angeles Clippers beat the Portland Trail Blazers 119-103 for their third straight win.
Austin Reaves could miss at least a month with a strained left calf, a damaging blow for the struggling Los Angeles Lakers.
Rock music legend Sammy Hagar has donated $10,000 to a 12-year-old boy who was injured when a helicopter crashed on him in Huntington Beach in October.
It marks the second lawsuit in recent months accusing the filmmaker and studio mogul of leveraging his power in Hollywood to make sexual advances.
The band announced Perry Bamonte's death on their official website on Friday.
Feeding America's CEO said the organization is "incredibly grateful" for Taylor Swift's large donation.
Vince Zampella, a video game developer known for pioneering iconic franchises like "Call of Duty," died in a car crash on the Angeles Crest Highway in Los Angeles County on Sunday afternoon.
The sunshine is back and here to stay in Southern California, despite a chilly start to Sunday. Alex Biston reports.
Zach Boetto and Lauren Pozen provide team coverage on the major natural gas line rupture in Castaic, which caused an hours-long closure of the 5 Freeway in the midst of holiday travel traffic.
Rock music legend Sammy Hagar has donated $10,000 to a 12-year-old boy who was injured when a helicopter crashed on him in Huntington Beach in October. Lauren Pozen reports.
The 5 Freeway has been closed and a shelter-in-place order has been issued to residents in Castaic after a gas line ruptured on Saturday afternoon.
The Night We Met in the Mid-Wilshire neighborhood of Los Angeles, the fourth restaurant behind couple and co-owners Mindy and Vincent Kinne, offers an Asian diasporic menu that spans multiple countries. They showed off their New Year's Even menu on CBS LA
Widely considered the greatest architect of his time, Frank Gehry helped shape Los Angeles' skyline.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Franklin Fire in Malibu quickly grew overnight and threatened several homes. Evacuation orders were issued and Pepperdine University instructed students to shelter in place.
Several people have been injured and multiple homes burned after the Mountain Fire broke out Wednesday morning in Ventura County, burning over 10,000 acres within hours.
