U.S. economy

Rising prices remain a top concern for Americans, according to a new survey by the Federal Reserve. But 72% of adults say they're living comfortably financially or at least doing OK.

A big survey asked Americans about their finances. Here are some trouble spots

5:00am May 22, 2024

by Scott Horsley

A new report from the Fed shows little change in family finances over the last year, but rising prices remain a big worry. And parents of children under the age of 18 feel worse off than a year ago.

Grocery prices fell in April as overall inflation cooled. Milk prices dropped 0.8% while egg prices declined 7.3%.

Egg and milk prices fall, fueling hope for interest rate cuts

7:31pm May 15, 2024

by Scott Horsley

Inflation eased last month, according to a report Wednesday from the Labor Department, which means people feeling stretched by high prices and high borrowing costs could feel a little relief soon.

Credit card delinquencies rose in the first three months of the year. According to the Federal Reserve Bank of New York, almost 1 in 5 card users is "maxed out," using at least 90% of their credit limit.

Economy

More Americans are falling behind on credit card bills

8:01pm May 14, 2024

by Scott Horsley

Credit card delinquencies rose in the first three months of the year. That's a sign of the growing financial stress that some families are feeling in an era of rising prices and high interest rates.

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Social Security's finances have improved slightly in the last year. But benefits are still facing an automatic cut in less than a decade unless Congress takes steps to prop up the program.

The clock is ticking to fix Social Security as retirees face automatic cut in 9 years

7:30pm May 06, 2024

by Scott Horsley

Social Security's finances have improved slightly in the last year. But the popular retirement program still faces big challenges including the threat of automatic benefit cuts in less than a decade.

Restaurant prices rose 4.2% over the last year. But Americans continue to dine out regularly.

Wages, employment, inflation are up, causing headaches for the Fed

4:27pm April 30, 2024

by Scott Horsley

The Federal Reserve is expected to hold interest rates steady this week — and possibly for months to come — as policymakers try to sort through mixed signals about the U.S. economy.

A construction worker is seen in Miami on Jan. 5, 2024. U.S. employers added more jobs than expected in January including in the construction sector.

Economy

The U.S. created an extraordinary number of jobs in January. Here's a deeper look

4:27pm February 02, 2024

by Scott Horsley

U.S. employers added 353,000 jobs in January — far more than forecasters expected. The sizzling job market is good for workers but could cause the Federal Reserve to postpone a cut in interest rates.

Fed Chair Jerome Powell speaks during a news conference after the concludion of the Fed's policy meeting in Washington, D.C., on Sept. 20, 2023. The Fed held interest rates steady on Wednesday but indicated it could cut rates this year while also noting it would move cautiously.

Economy

The Federal Reserve holds interest rates steady but signals rate cuts may be coming

6:02pm January 31, 2024

by Scott Horsley

The Federal Reserve held interest rates steady on Wednesday, but indicated that rates could fall in the coming months if inflation continues to cool.

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A person carries shopping bags at a shopping center on the day after Christmas on Dec. 26, 2023 in Glendale, Calif. Strong consumer spending helped drive better-than-expected economic growth in the final months of 2023.

Many experts feared a recession. Instead, the economy has continued to soar

4:21pm January 25, 2024

by Scott Horsley

The U.S. economy grew substantially faster in the final months of 2023 than forecasters had expected. For all of last year, the economy grew 3.1% — defying forecasts of a likely recession.

The U.S. job market held up well in 2023, despite rising interest rates. Employers added 2.7 million jobs last year and unemployment remained under 4% throughout the year.

Economy

U.S. unemployment has been under 4% for the longest streak since the Vietnam War

10:37am January 05, 2024

by Scott Horsley

U.S. employers added 216,000 jobs in December, as the unemployment rate held steady at 3.7%. The labor market proved resilient in 2023, despite rising interest rates.

Would-be home buyers are battling high prices and high interest rates, but some are finding a way to make it work.

Economy

Tough housing market is luring buyers without kids and higher incomes

7:27am November 14, 2023

by Scott Horsley

A report from the National Association of Realtors shows the average home buyer this past year had a six-figure income. Others face challenges in a period of high prices and costly home loans.