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Economy

Powell stands by ‘wait and see’ stance with Trump ramping up attacks on the Federal Reserve

By CHRISTOPHER RUGABER
Jul 01, 2025 9:52 am - Federal Reserve Chair Jerome Powell on Tuesday stuck to his position that the central bank will keep its key rate on hold while it waits to see how President Donald Trump's tariffs effect the economy, defying the steady stream of criticism from the White House, which wants lower borrowing costs.
Illinois is short 142,000 homes. Here’s how to fix that.

By Frank Manzo IV
Jun 27, 2025 9:45 am - Illinois faces a critical housing shortage that has increased home prices and rents, leaving many families unable to find or afford housing.
US economy shrank 0.5% between January and March, worse than 2 earlier estimates had revealed

By PAUL WISEMAN
Jun 26, 2025 9:47 am - The U.S. economy shrank at a 0.5% annual pace from January through March as President Donald Trump’s trade wars disrupted business, the Commerce Department reported Thursday in an unexpected downgrade from its previous estimate.
Fewer Americans sought unemployment benefits last week as layoffs remain low

By CHRISTOPHER RUGABER
Jun 26, 2025 9:46 am - The number of Americans applying for unemployment benefits fell last week, the Labor Department said Thursday, a sign that companies aren’t cutting many jobs.
Federal Reserve’s Bowman says rate cut should be on table in July

By CHRISTOPHER RUGABER
Jun 23, 2025 2:44 pm - Federal Reserve governor Michelle Bowman on Monday said the central bank should consider cutting its key interest rate as soon as its next meeting in July, underscoring deep divisions among Fed officials as they endure sharp criticism from the White House.
Tariff threats, wars will slow but not collapse global luxury sales in 2025, new study shows

By COLLEEN BARRY
Jun 19, 2025 10:16 am - Global sales of personal luxury goods are ”slowing down but not collapsing,” according to a Bain & Co. consultancy study released Thursday.
Americans turn cautious and retail sales slide after a spring rush to beat tariffs

By CHRISTOPHER RUGABER and ANNE D'INNOCENZIO
Jun 17, 2025 3:15 pm - Retail sales fell sharply in May as consumers pulled back from a spending surge early this year to get ahead of President Donald Trump’s sweeping tariffs on nearly all imports.
Suburban toy company challenges Trump’s tariffs before Supreme Court in long shot bid for quick decision

By LINDSAY WHITEHURST
Jun 17, 2025 3:02 pm - A suburban toy company challenged President Donald Trump’s tariffs in front of the Supreme Court on Tuesday in a long shot bid to press the justices to quickly decide whether they are legal. Vernon Hills-based Learning Resources Inc. filed an appeal asking the Supreme Court to take up the case soon rather than let it continue to play out in lower courts.
US producer prices rise modest 2.6% in May with inflationary pressures still mild

By PAUL WISEMAN
Jun 12, 2025 8:54 am - U.S. wholesale prices rose modestly last month from a year earlier, another sign that inflationary pressures remain mild.
Inflation barely rose last month as cheaper gas and cars offset some costlier imports

By CHRISTOPHER RUGABER and ANNE D'INNOCENZIO
Jun 11, 2025 8:05 am - U.S. inflation picked up a bit last month as higher prices for groceries and some imported goods were largely offset by cheaper gas, travel services, and rents. Consumer prices increased 2.4% in May compared with a year ago, according to a Labor Department report released Wednesday. That is up from a 2.3% yearly increase in April. The cost of groceries, toys and games, and large appliances rose, which could reflect the impact of President Donald Trump's tariffs. Yet the price of new and used cars, clothes, air fares, and hotel rooms all dropped from April to May, offsetting the increases.

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