Inflation

According to Redfin, Will County home prices were up 11.8% in June 2022 compared to 2021 and sold for $336,000 on average, according to Redfin. In Joliet’s 60435 zip code, prices were up 16.1%.

A divided Congress gave final approval Friday to Democrats’ flagship climate and health care bill, handing President Joe Biden a back-from-the-dead triumph on coveted priorities

The Illinois state sales tax holiday will end at the close of the business day on Aug. 14.

Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June

Joliet area residents are noticing the variations in gas prices, even on different sides on the same town. Two economics professors explain why.

The bill includes capping prescription drug costs at $2,000 out of pocket for seniors, helping Americans pay for private health insurance and $375 billion to fight climate change. Almost half the money raised, $300 billion, will go toward paying down federal deficits.

The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession

Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs

In a startling turnabout, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin have reached an expansive agreement that had eluded them for months on health care, energy and climate issues, taxes on higher earners and corporations and trimming the federal debt

Higher mortgage rates have sent home sales tumbling. Credit card rates have grown more burdensome, and so have auto loans. Savers are finally receiving yields that are actually visible, while crypto assets are reeling.

The Federal Reserve raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation

Facing a potentially grim report this week on the economy’s overall health, President Joe Biden wants to convince a skeptical public that the U.S. is not, in fact, heading into a recession.

Older and retired adults have spoken up about the impact of inflation on their daily buying habits in recent Herald-News stories, even though millennials – ages 26 to 41 – are feeling inflation’s affects just as acutely, perhaps more so.

Experts from Lewis University in Romeoville and Northern Illinois University explained why prices are high how. Blogger Michael Krivich of Plainfield offered practical ways to cope.

Experts say the housing market is experiencing a crisis that is felt by many looking to move, whether to permanent housing or rentals. “The experience has been rough," said Sandwich resident Sieara Tocheck.