Economy News

13 May 2022, 03:26

Biden is taking steps to address the worsening baby formula shortage — but it could be months before shelves are fully restocked

The White House is working with retailers and manufacturers to boost baby formula supply as shortages continue to get worse.

13 May 2022, 02:46

Americans are traveling like it's 2019 — as airline tickets get more and more expensive

Airline fares soared 18.6% in April alone, marking the largest one-month jump since at least 1963 and counting for a quarter of the month's inflation.

13 May 2022, 01:39

The largest labor federation in the country calls on Biden to cancel student debt: 'We cannot ask working people to make further sacrifices'

"Now is the time to cancel, not collect, student debt," AFL-CIO's president Liz Shuler said. She's the latest advocate pushing for loan forgiveness.

13 May 2022, 00:25

Lindsey Graham says most Democrats would 'jump out the window' if they had to vote on Medicare for All

Graham urged Sanders to hold a vote on his signature policy idea, betting Democrats would splinter on single-payer healthcare.

12 May 2022, 22:40

It's finally a better time to buy a used car

Used car and truck prices have fallen for the last three months, ending a streak of historic price hikes and offering buyers the first sign of relief.

12 May 2022, 21:41

A Democratic senator with student debt says his party 'spends a little bit too much time' on loan forgiveness without addressing the cost of a degree

"I'm one of the few members of the Senate that still has student debt," Sen. Chris Murphy said on Fox News Sunday. "I don't need my debt forgiven."

12 May 2022, 19:46

Here's why gas is more expensive than ever even though oil prices are down

Crude oil supply has rebounded, but Americans aren't feeling it at the pump. That's because refiners are charging record prices to turn oil into gas.

12 May 2022, 01:41

President Biden says Amazon union organizer Christian Smalls is his 'kind of trouble' and 'let's not stop'

"I like you, you're my kind of trouble," President Biden told Christian Smalls, the creator of the Amazon's union.

12 May 2022, 00:34

Taking out new student loans just got more expensive

Interest rates on student loans will increase by more than a full percentage point in July, as borrowers wait on Biden to decide on debt cancellation.

12 May 2022, 00:19

Only a handful of US workers have seen wages outpace inflation since 2021

Leisure and hospitality workers are the only sector to see real wages climb since early 2021. All other workers are stuck with weakened buying power.

11 May 2022, 23:19

Treasury Secretary Yellen says abortion restrictions will hurt the US economy — there's significant research that proves this

It's not just women who will face serious financial repercussions, but their families and communities, experts said.

11 May 2022, 22:42

Gas prices are at an all-time high. Here are 3 reasons why Democrats' gas tax cut proposal won't do much to curb rising prices or cool inflation

Gas prices may still rise due to mismatches between supply and demand, and some of the benefits may flow to oil and gas companies.

11 May 2022, 21:40

President of Purdue University calls student loan forgiveness a 'gift to the wealthy' and the 'most regressive policy idea we've seen'

Mitch Daniels told CNBC he believes student loan forgiveness will worsen the inequities it was designed to remedy by benefiting high-income earners.

11 May 2022, 21:25

A Starbucks union worker who met with President Biden called it 'a really proud moment.' Her employer was 'deeply concerned' no company rep was invited.

Laura Garza, a 22-year Starbucks vet, was one of six union organizers who met with Biden as part of his pledge to be the "most pro-union" president.

11 May 2022, 19:54

Inflation slowed in April for the first time in 8 months

The Consumer Price Index – a closely watched measure of inflation – rose 8.3% in the year through April, missing the forecast for an 8.1% jump.

11 May 2022, 01:24

Biden opens the door to reversing Trump's tariffs on China as a way to combat inflation

Some experts say that rolling back the tariffs would help bring down inflation, which has hit its highest level in decades.

10 May 2022, 23:34

Janet Yellen says broad student-loan forgiveness 'could be good for the economy'

"There are some trade offs involved that need to be analyzed" on student-loan forgiveness, the Treasury Secretary said during a Senate hearing.

10 May 2022, 22:20

The housing boom could put more Americans in a babymaking mood

A $100,000 increase in housing wealth means that homeowners are 16% to 18% more likely to have a child, economists found.

10 May 2022, 22:20

Elon Musk starts debate on Japan's declining birth rate after warning the country could 'cease to exist'

"Unless something changes to cause the birthrate to exceed the death rate, Japan will eventually cease to exist," Elon Musk tweeted on Sunday.

10 May 2022, 21:50

The $6 trillion in wealth created by the housing boom will help homeowners send their kids to college, launch businesses, and grow their wealth even more

It also means the American Dream is even further out of reach for those who don't own their homes.

10 May 2022, 21:50

The average gallon of gas in the US climbs to a record high price of $4.37

Crude oil prices have fallen in recent weeks, yet gas is pricier than ever. Blame refiners, which are charging record premiums amid huge demand.

10 May 2022, 21:35

Treasury Secretary Janet Yellen says banning abortion would damage the economy and 'set women back decades'

Blocking abortion access would increase the likelihood of women needing social welfare benefits to avoid slipping into poverty, Yellen said Tuesday.

10 May 2022, 19:40

If you want a construction project finished on time without worker shortages, hire a unionized crew, a new report says

Unionized construction workers make roughly $400 more per week than their nonunion peers — that's just one reason they stick around, per a new report.