US Economy

The Federal Reserve raised its benchmark interest rate to the highest level in 15 years, indicating the fight against inflation is not over yet.

The consumer price index was expected to increase 0.3% in November, according to Dow Jones estimates.

The producer price index, a measure of what companies get for their products in the pipeline, increased 0.3% for the month and 7.4% from a year ago.

Nonfarm payrolls were expected to increase by 200,000 in November, according to Dow Jones estimates.

The Senate moved quickly Thursday to avert a rail strike that the Biden administration and business leaders warned would have had devastating consequences for the nation’s economy.

A record number of holiday shoppers turned out from Thanksgiving Day to Cyber Monday, according to the National Retail Federation.

From cars to gas to groceries and holiday shopping, consumers could see higher prices and shortages of some of their favorite products if rail workers walk out next month.

Railroad conductors rejected the contract, which must be approved by all 12 rail unions to prevent a strike that could cripple supply chains.

Many companies have posted record profits since the pandemic. But executives have also talked openly in earnings calls about raising prices because they can, and then publicly claiming the increases were due to inflation.

Nonfarm payrolls were expected to increase by 205,000 in October, according to Dow Jones estimates.

Here’s how your mortgage, credit card, car loan, student debt and savings could be affected by the latest major Fed rate hike.

President Joe Biden is raising the possibility of imposing a windfall tax on oil companies if they don’t boost domestic production. This comes as his administration aims to combat high gas prices just days before the midterm elections. Biden in brief remarks on Monday accused energy companies of “war profiteering” by making record-setting profits amid the ongoing war in Ukraine....

Oil companies brought in staggering profits once again as consumers worldwide struggled with high gasoline and energy prices.

Average prices on new and used vehicles have begun easing from their record highs, and more vehicles have become available at dealerships.

Biden said in a CNN interview Tuesday that he was weighing action against the Saudis but declined to detail potential next steps.

Stocks tumbled on Friday to cap a brutal week for financial markets, as surging interest rates and foreign currency turmoil heightened recession fear.

Members of one union have rejected a tentative deal with the largest U.S. freight railroads, while two ratified agreements and three other unions remained at the bargaining table just days ahead of a national strike deadline. A strike would intensify snarls in the nation’s supply chain that have contributed to rising prices. But the IAM agreed to delay any strike...

The stock market came under pressure after the consumer price index report for August showed higher-than-expected inflation.

Americans are splurging on beauty as they tighten their budgets elsewhere. According to market research company IRI, sales of eye, face and lip makeup has gone up across stores.

The big-box retailer cut its profit outlook in June, saying it would take a hit as it marked down unwanted goods and canceled merchandise orders.