Inflation has changed the way many Americans shop. Now, those changes in consumer habits are helping bring down inflation.
The economy looks set to grow 2.2% this year after adjusting for inflation, according to the National Association for Business Economics. It’s the latest signal of strength for an economy that’s blasted through predictions of a recession.
The Aurora Area Interfaith Food Pantry will be setting up a pop-up food give away for families in the Crest Hill City Hall parking lot on March 2.
Tuesday’s report from the Labor Department showed that the consumer price index rose 0.3% from December to January, up from a 0.2% increase the previous month. Compared with a year ago, prices are up 3.1%.
Friday’s report from the Labor Department showed that last month’s job gain topped the 333,000 that were added in December, a figure that was itself revised sharply higher. The unemployment rate stayed at 3.7%, just above a half-century low.
Stocks are near record highs. Growth was surprisingly strong last year. And once-hot inflation has begun to cool. But so far, U.S. adults are feeling only slightly better about the economy.
The Federal Reserve indicated it’s nearing a long-awaited shift toward cutting interest rates, a sign that its officials have grown confident that they’re close to fully taming inflation
The latest data suggests that the economy is achieving a difficult “soft landing,” in which inflation falls back to the Fed’s target without a recession. That outcome could make it easier for the Fed to consider cutting its key interest rate.
There are solid reasons for optimism that inflationary pressure will continue to recede in the coming months.
The S&P 500 closed out 2023 with a gain of more than 24% and the Dow finished near a record high, as easing inflation, a resilient economy and the prospect of lower interest rates buoyed investors, particularly in the last two months of the year
Wages are also growing at a slower but still-healthy pace. In November, average hourly pay rose 4 percent from 12 months earlier.
Tuesday's report from the Labor Department showed that prices either fell or rose only slowly across a broad range of goods and services, including gas, new and used cars, hotel rooms and housing
Since 2015, home insurance premiums in Illinois have gone up by 30%, said George Hosfield, senior director of home insurance for LexisNexis Risk Solutions. That’s higher than the national average since 2015, which is roughly 21%.
The U.S. economy accelerated unexpectedly to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16-month-long fight against inflation
City likely to raise water and sewer rates in October