U.S. GDP declines again
The economy shrank again in the second quarter, fueling debate about whether or not the country is in a recession. CBS News reports.
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The economy shrank again in the second quarter, fueling debate about whether or not the country is in a recession. CBS News reports.
Depending on what the report says, we could be officially in a recession. CBS2's Zinnia Maldonado has more.
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.
Prices for just about everything are at a 40-year high, and as CBS2's Dave Carlin reports, even the least expensive items at bodegas and shops around New York City are getting hit.
Inflation continues to squeeze consumers, so Wednesday, the Federal Reserve raised interest rates 0.75 percent, meaning it will cost more to borrow money. The economic trouble is leaving families more worried about their bottom lines. CBS2's Dick Brennan has more on the reason why we keep seeing rate hikes.
The move is meant to curb historically high inflation.
As CBS2's John Dias reports, there are a number of factors contributing to this key week for the state of the economy.
The nationwide average for a gallon of regular plunged to $4.36.
The newest figures are raising some serious concerns about our economy.
Inflation is hitting nearly every part of the economy and there is no quick end in sight, but as CBS2's Dick Brennan reports, many consumers continue to spend as the job market remains strong.
Many owners say they are making drastic changes to how they operate or closing down for good.
Inflation has flown past 9 percent, and we're all feeling the squeeze. Some restaurant owners told CBS2's Jenna DeAngelis they are either making changes or shutting down.
Prices continue to climb for everything from gas, to food and rent. CBS2's Lisa Rozner reports.
This comes as Americans see consumer prices skyrocket on everything from groceries to gas. CBS2's Elijah Westbrook reports.
Move comes in an effort to put the breaks on rising costs, but it means loans and credit cards will cost more.
CBS2's Nick Caloway has more on what this could mean for your wallet and investments.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
The Federal Reserve announced an aggressive interest rate hike. The move comes as a way to combat inflation. CBS2's Aundrea Cline-Thomas has a look at what this means for your wallet.
Many Americans are worrying about their retirement funds as stocks dropped drastically yesterday. CBS2's Elijah Westbrook has more on what this means.
Prices on just about everything are rising at a pace not seen in decades. While many people are feeling the squeeze, CBS2's Dick Brennan has more on how it can be especially tough for people on fixed incomes.
Prices are skyrocketing for everything from food to fuel, and inflation is surging at the fastest pace in more than 40 years. While just about everyone is feeling the squeeze, as CBS2's Dick Brennan reports, it can be especially tough for people on fixed incomes.
Americans are feeling the squeeze, struggling with the cost of everything from gas to groceries as U.S. inflation hits an all-time high. CBS2's Andrea Grymes spoke with frustrated consumers.
Stocks plunged Friday as U.S. inflation hit a new high. The Labor Department reports prices surged 8.6% and wages are not keeping up. CBS2's Andrea Grymes spoke with New Yorkers who say every little bit helps during this sticker shock.
The Labor Department reports prices may surge 8.6%.
The NYPD made several arrests related to drag racing early Sunday morning in the Bronx. The busts happened almost one month after another controversial car meet-up in Queens.
The New York Knicks are headed back to the Eastern Conference finals -- and their fans are loving every minute of it.
Hannes Wolf scored three goals for his first hat trick and Nicolás Fernández assisted on all the scores to help lead NYCFC to a 3-0 victory over the Columbus Crew on Sunday.
Eduardo Rodriguez came within two outs of his first complete game, Ryan Waldschmidt had his first three big league RBIs and the Diamondbacks beat the Mets 5-1 on Sunday.
The Knicks will play the winner of the Pistons-Cavaliers series in the Eastern Conference finals after sweeping the Sixers.
The NYPD made several arrests related to drag racing early Sunday morning in the Bronx. The busts happened almost one month after another controversial car meet-up in Queens.
The New York Knicks are headed back to the Eastern Conference finals -- and their fans are loving every minute of it.
The Nets entered the draft lottery with a 14% chance of securing the No. 1 overall pick, tied for the best odds with the Wizards and Pacers.
The Rent Guidelines Board might be on the verge of fulfilling Mayor Zohran Mamdani's signature campaign promise after it voted to support hikes ranging from 0-4%.
The fatal fire erupted just before 1:30 a.m. Sunday at a boarded-up house on Sycamore Avenue in Hempstead, Nassau County fire officials said.
An unsettled pattern continues through the entire Mother's Day weekend in the New York City area.
After summer-like warmth, rainy weather and cooler temperatures return to the New York City area mid-week.
A cool weekend is ahead for the New York City area before warmer weather returns.
Some residual showers may linger into early Sunday morning, but the majority of the rainfall should be over by sunrise.
Amtrak announced Thursday it is suing Metro-North for allegedly blocking nonrevenue trains on a portion of the busy Northeast Corridor for over two months.
A man was arrested after a police standoff forced Bridgewater, New Jersey, residents to shelter in place for over 24 hours, officials say.
A woman has been charged with theft for taking a dog outside a Clifton, New Jersey, home in April, police say.
An unsettled pattern continues through the entire Mother's Day weekend in the New York City area.
The owners of Boulevard Drinks in Jersey City's Journal Square said new building owners gave them until May 27 to get out.
A New Jersey neighborhood was ordered to shelter in place all day as police investigated at a home in Bridgewater Township.
The fatal fire erupted just before 1:30 a.m. Sunday at a boarded-up house on Sycamore Avenue in Hempstead, Nassau County fire officials said.
Unions representing thousands of LIRR workers rallied Saturday amid a dispute with the MTA that could trigger their first strike in decades.
A new proposal on Long Island could change how quickly a business has to hand over surveillance video to police during an investigation.
The MTA and five of its unions are embroiled in a contract dispute that could trigger the LIRR's first work stoppage in more than 30 years.
New York Gov. Kathy Hochul announced a $268 billion budget that includes a pied-à-terre tax targeting wealthy New York City second home owners.
The Rent Guidelines Board might be on the verge of fulfilling Mayor Zohran Mamdani's signature campaign promise after it voted to support hikes ranging from 0-4%.
A new proposal on Long Island could change how quickly a business has to hand over surveillance video to police during an investigation.
The Trump administration announced a major expansion of its denaturalization campaign targeting foreign-born American citizens accused of fraudulently obtaining U.S. citizenship.
Defense Secretary Pete Hegseth said in a statement that the documents "have long fueled justified speculation — and it's time the American people see it for themselves."
New York City's Rent Guidelines Board held a preliminary vote Thursday proposing a potential increase for 1 million rent-stabilized apartments across the five boroughs.
A Dutch-flagged cruise ship that was hit by a deadly hantavirus outbreak reached Spain's Canary Islands early Sunday morning.
More than 100 people from a cruise ship dealing with an outbreak of the rare and deadly hantavirus are set to be disembarked.
Two New Jersey residents were potentially exposed to a person infected with hantavirus, according to health officials.
Three passengers have been evacuated from a cruise ship hit by a hantavirus outbreak, as related cases are confirmed in Switzerland and South Africa.
The FDA announced its first authorization of fruit-flavored electronic cigarettes intended for adult smokers, a major policy shift after months of appeals to President Trump from the vaping industry.
"The Pitt" star Isa Briones is bringing heightened pride and Filipino presence to both stage and screen.
Broadway's "The Book of Mormon" has canceled two weeks of performances following a fire at the Eugene O'Neill Theatre.
Uzo Aduba and Darren Criss announced the 2026 Tony nominees for select categories on "CBS Mornings" on Tuesday.
Rihanna, Sabrina Carpenter, Madonna, and Beyoncé all wore their best looks to celebrate the "Costume Art" theme at the 2026 Met Gala. Here are some of the best moments, photos, and more from the night.
Firefighters responded to Broadway's Eugene O'Neill Theater Monday morning after a blaze broke out.
The New York Knicks are headed back to the Eastern Conference finals -- and their fans are loving every minute of it.
Hannes Wolf scored three goals for his first hat trick and Nicolás Fernández assisted on all the scores to help lead NYCFC to a 3-0 victory over the Columbus Crew on Sunday.
Eduardo Rodriguez came within two outs of his first complete game, Ryan Waldschmidt had his first three big league RBIs and the Diamondbacks beat the Mets 5-1 on Sunday.
The Knicks will play the winner of the Pistons-Cavaliers series in the Eastern Conference finals after sweeping the Sixers.
Brice Turang homered off David Bednar with two outs in the ninth inning, and the Brewers completed a three-game sweep of the Yankees with a 4-3 victory Sunday.
For more than four decades, residents living beside Brooklyn's District 13 Sanitation Garage in Coney Island have been waiting for the facility to move away from their homes.
There's a swim club in Harlem teaching kids a lifesaving skill, and they're turning timid swimmers into competitors.
The Davis Center at the Harlem Meer is celebrating one year of providing year-round recreation space to New Yorkers while still spreading the word to residents.
Residents displaced by a deadly apartment building fire in Inwood say it was only a matter of time before their building went up in flames.
In New York City, where land is at a premium, a stockpile of pristine soil unearthed at construction sites helps lower emissions and support urban farmers.
People dressed in elaborate headgear and paraded up Fifth Avenue for New York City's Easter Sunday tradition.
The Halloween tradition strolled through Manhattan's East Village on Sunday, with furry friends dressed in colorful costumes.
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.
The annual Easter Parade and Easter Bonnet Festival was held in Manhattan on April 20, 2025.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
CBS News New York's Vanessa Murdock says we'll see mostly dry and sunny conditions until then, with temperatures in the 60s.
The ship is now docked off Spain's Canary Islands, and health officials are trying to ease fears and vowing to closely monitor any signs of disease. CBS News New York's Allen Devlin reports.
CBS News New York's Andrew Ramos spoke with several supporters of the blue and orange who think this may just be the Knicks' year.
It was the latest incident in a troubling trend of illegal car activity in New York City. CBS News New York's Lisa Rozner has the story.
The shooting happened in the area of Rosa Parks and Godwin avenues. CBS News New York's Allen Devlin has the latest.
