Biden to release up to 15 million barrels of oil from strategic reserve
President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations.
Social Security benefits to jump by 8.7% in 2023
The Social Security cost-of-living adjustment means the average recipient will receive more than $140 a month starting in January.
US inflation accelerated in September, keeping pressure on households
Consumer prices rose 8.2% in September compared with a year earlier.
These housing markets are seeing the largest drop in prices since the pandemic peak
Housing prices are continuing to cool off — and data shows one area of the country, in particular, is seeing the highest drop.
Biden vows there will be 'consequences' for Saudi Arabia after OPEC+ cuts oil production
President Joe Biden says there will be “consequences” for Saudi Arabia as his administration begins reevaluating the U.S. relationship with the kingdom.
3rd-largest railroad union rejects deal, renewing possibility of strike
The third largest railroad union rejected its deal with the railroads Monday — renewing the possibility of a strike that could cripple the economy — but before that could happen both sides will return to the bargaining table.
Biggest Social Security cost-of-living increase in decades expected this week
Roughly 70 million Americans are likely to see a notable boost in their monthly checks. Here’s what to know ahead of the expected COLA increase announcement this week.
Nobel economics prize awarded to former Fed chair Ben Bernanke, 2 other Americans
The Nobel Prize winners’ research took on great real-world significance when investors sent the financial system into a panic during the fall of 2008.
Job growth slows in September but remains strong
Job growth slowed in September but remains strong. And economists suspect the labor market could slow significantly further in the months ahead.
Another month of solid US hiring suggests more big Fed hikes
America’s employers slowed their hiring in September but still added 263,000 jobs, a solid figure that will likely keep the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation.
Americans changing holiday travel plans due to inflation, survey finds
Over the holidays, many Americans are opting for fewer days of travel, cheaper accommodations, and shorter distances due to rising costs, a recent survey found.
Amazon to hire 150,000 full-time, part-time, seasonal workers for the holiday season
The announcement, made Thursday, shows the e-commerce behemoth is taking a less conservative approach to its holiday planning than Walmart.
More couples are asking wedding guests to help buy a home, experts say
The wedding experts at Zola.com (http://zola.com/) said they’ve seen the number of couples asking for housing-related funds double since 2019.
Fewer people request US unemployment benefits amid solid hiring, high inflation
Applications for unemployment benefits last week saw their lowest number of claims since April. If the number continues to drop, the Federal Reserve could raise interest rates higher than it plans to slow the economy.
Costco CEO says hot dog combo price might remain $1.50 forever
Costco CFO Richard Galanti said the company's gas and travel sectors allowed the company to make up for loss at the food court.
Dick's Sporting Goods announces plans to hire up to 9,000 for holidays
A slew of companies have already announced their seasonal hiring plans.
Butter shortage drives up prices ahead of holiday baking season
The average price of butter in August jumped 24.6% compared to a year ago, U.S. labor statistics show. Here’s what is driving the increase.
ON THE HILL: Expert weighs in on whether the US is headed for recession
In case you missed it Sunday morning, FOX 5's "On the Hill" program hosted economic expert Danny Leipziger to talk about the latest on the U.S. economy, including how to control inflation and whether the country is headed for a recession.
US housing recession could send home prices tumbling 20%, economist says
Home prices have already declined 5% from their May peak.
Fed hikes rate by three-quarters of a point in continued fight against inflation
The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008.