Long way to go to bring down inflation
The chairman of the Federal Reserve told lawmakers that the Central Bank will need to raise interest rates higher than previously expected in order to tame inflation.
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The chairman of the Federal Reserve told lawmakers that the Central Bank will need to raise interest rates higher than previously expected in order to tame inflation.
Majority of NABE survey respondents who envision a recession in 2023 don't see it happening until after March.
Growth was slower and inflation higher at the end of 2022 than the government initially estimated.
New data from the Bureau of Labor and Statistics shows while U.S. inflation grew at a 6.4% percent annual rate in January, down 0.1% from December. CBS News contributor and Axios managing editor of business and markets Javier David joined CBS News' Seth Doane and Anne-Marie Green to discuss this latest economic indicator.
1 in 4 parents has had to quit a job because of child care problems, according to the study.
CBS News polling finds Americans with largely dour assessments of the state of the union, as President Biden prepares to deliver his State of the Union address Tuesday.
Americans want compromise. The prospect of default impacts views.
Blistering job growth last month and weaker growth by large tech players are dragging markets lower.
U.S. economy grew at 2.9% rate in last three months of year despite pressure of high rates and fears of recession.
Minnesota Gov. Tim Walz rolled out more pieces of his budget Monday, calling for $300 million to support public safety agencies across the state.
The country's so desperate to save resources that electricity is often turned off for part of the night, but this time engineers couldn't get it working again.
Home sales have continued to drop and reach record lows in inventory -- that's the case in parts of Wisconsin.
Major indexes close out tough year buffeted by stubbornly hot inflation, war in Ukraine and a lingering pandemic.
Major stock indexes rose into the green for the week, as investors remain focused on hot inflation and a potential recession.
The OPEC oil cartel and allied producers including Russia aren't changing their targets for shipping oil to the global economy.
Stronger-than-expected wage data raised expectations Fed hikes will be more aggressive to get inflation under control.
The House vote to impose a contract brokered by the White House but rejected by some workers was 290 to 137.
Smaller hike shouldn't be taken as sign central bank will let up on inflation fight anytime soon, Fed chair cautions.
Businesses become slightly less desperate for workers, but there are still 10.3 million open jobs.
Despite high interest rates and chronic inflation, economy grew at 2.9% annual rate from July through September.
Number of Americans applying for unemployment benefits rose to a 3-month high amid rise in layoffs.
A strike could come shortly before the busy Christmas holiday.
Concerns are rising of a possible railroad strike after one of the United State's largest unions rejected a deal brokered by the Biden administration. Fears loom over the impact such a strike would have on the country's economy and chain supply. CBS News senior White House correspondent Ed O'Keefe discusses.
"Prices will be higher, and we will see flights sell out for both holidays," one travel pro said.
Investors cheered after U.S. consumer prices fell last month more than Wall Street expected.
