Breaking
Gas Falls Below $4 a Gallon for the First Time in Months, AAA Says
The national average hit $3.94 as crude oil slid to about $90 a barrel on a seasonal shift and hopes for U.S.-Iran talks, but analysts warn the relief could reverse.
Topic
Economy
125 stories from Planck Standard. Latest: November 12, 2026.
Top NewsEmployers Add 165,000 Jobs in October, Crushing Forecasts as Unemployment Falls to 4.1%
The 'blowout' report, released three days after Democrats won Congress, raised the odds of a Federal Reserve rate hike in December to 77%, according to CME FedWatch.
Top NewsU.S. Economy Grew 3.4% in Third Quarter on AI Spending, but Inflation Runs at 3.6%
The Commerce Department's report lands days before the midterms, as the Fed holds rates and economists call the growth 'very, very fragile.'
WatchPoliticsFed Holds Rates at 3.75%-4% as Two Officials Push for a Hike
The central bank paused less than a week before the midterms, but inflation at 3.7% and a split committee point toward a December increase.
Top NewsTrump Invokes Defense Production Act for $150 Million to Lift Fuel Output as Gas Tops $4.29
Experts say the Korean War-era law is unlikely to bring prices down quickly, with U.S. refineries already running flat out and crude oil at its highest level since May.
PoliticsMichigan Survey Chief: Consumer Mood Is Lower Than in 1970s, 2008 or Post-COVID
Joanne Hsu says sentiment has fallen across all walks of life since the Iran war began, with wages failing to keep pace with prices three weeks before the midterms.
WatchPoliticsVance Tells Michigan Voters 'It's Gonna Take More Than 18 Months' to Fix the Economy
In a CBS News town hall, the vice president conceded gas prices are 'too high,' defended the Iran war, and said there's 'a chance' he won't run in 2028.
PoliticsGas Is $4.37 and Groceries Are Up 4% Since Trump Promised Cheaper Everything, Weeks Before Midterms
Trump campaigned on sub-$2 gasoline and 2% mortgages. A new CBS News analysis finds many essentials costing more, and economists say tariffs and the Iran war are part of the reason.
PoliticsFed Survey: Americans 75 and Older Are the Wealthiest, While One in Five Households Is Behind on Debt
The Fed's triennial Survey of Consumer Finances shows a median net worth of $504,000 for the oldest households and a 23% plunge for those under 35.
WatchTop NewsU.S. Employers Added Just 29,000 Jobs in September as Unemployment Rises to 4.2%
Economists expected 90,000 new jobs. Revisions erased another 60,000 from July and August, and wage growth has now trailed inflation for five straight months.
Top News30-Year Mortgage Rate Jumps to 7.28%, the Highest in Nearly Three Years
Freddie Mac says the average rate rose from 7.03% in the biggest weekly gain in about four years, driven by a bond market sell-off tied to the Iran war and government spending.
WatchTop NewsU.S. Added Just 29,000 Jobs in September, Missing Forecasts as Unemployment Rises to 4.2%
Revisions wiped out another 60,000 jobs from July and August, and investors now expect the Federal Reserve to hold rates at its October meeting.
WorldIran's Rial Falls to 2.5 Million to the Dollar, a Record, as War and Sanctions Squeeze Households
The currency has dropped again less than a month after its last low, while Washington adds sanctions and Tehran waits on a response to its Strait of Hormuz proposal.
Top NewsConsumer Confidence Falls to Its Lowest Level Since 2014 as 30-Year Yield Hits a 24-Year High
The Conference Board index dropped 6.7 points to 81.9, far below forecasts, as fuel costs and a Fed rate hike squeezed households.
Top NewsTrump Weighs a Diesel Export Ban, but Goldman Warns It Could Push Gas Prices Higher
Diesel hit a record $6.53 a gallon last week. Analysts say a ban would cut diesel by about 25 cents at first, then raise gasoline 30 cents a gallon for every extra week once storage fills.
PoliticsAmerican Households Earned a Record $87,460 Last Year
Median income rose 2.6% in 2025, the official poverty rate fell to 10.2% and child poverty hit a record low of 13.4%. Women's earnings rose 3.2% while men's did not move, and the top 10% gained while the bottom 10% slipped.
WatchPoliticsTrump Promised Every Adult Citizen $5,000 — but Only if Republicans Hold Both Chambers
The pledge came an hour into his speech at the RNC's first midterm convention in Dallas. Paying it would cost more than $1 trillion, and Congress would have to approve it.
PoliticsBessent Will Buy Back $6 Billion in Bonds. The 10-Year Went to 4.85% Anyway
That's the highest since October 2023, with the national debt past $40 trillion. Analysts told CBS News the buyback is 'tinkering on the periphery.'
Top NewsDiesel Hit $5.85 a Gallon on Friday. That Is the Highest Price Ever Recorded in the United States
The six-month war with Iran has scrambled global fuel flows, and diesel moves nearly everything Americans buy. Grocers say fuel is 15 to 30 percent of what food costs to deliver.
WatchTop NewsThe Economy Added 162,000 Jobs in August. Forecasters Had Penciled In 53,000
The Labor Department also erased July's reported job losses, revising the month from a 23,000 decline to a 21,000 gain. Wages are still running behind inflation.
Top NewsThe Fed Chair Went to Jackson Hole and Said the Quiet Part: If Inflation Doesn't Fade, 'We Have Work to Do'
Kevin Warsh never used the word 'hike.' Economists heard one anyway, with unemployment at 4.1% and underlying inflation refusing to improve.
Top NewsInflation Slipped to 3.4% in July. Gasoline Is Still 24.6% More Expensive Than a Year Ago
The second straight month of cooling brings the annual rate down from a 4.2% peak in May. But energy prices remain the reason it is not lower, and July's job losses have complicated the Fed's September decision.
WatchTop NewsThe U.S. Economy Lost 23,000 Jobs in July — and the Government Erased 103,000 More It Said Existed in May and June
Economists had penciled in 83,000 new jobs. Instead payrolls shrank for the first time in five months, wage growth fell to 0.1%, and the share of Americans in the workforce hit its lowest level since February 2021.
Top NewsLayoffs Fell to a Two-Year Low in July. AI Was Still the Single Biggest Reason for the Ones That Happened
American employers announced 33,429 job cuts last month, down 46% from a year earlier, while artificial intelligence accounted for a third of them for the fifth straight month.
PoliticsTrump Tells Exxon and Chevron They Made 'Too Much Money' and Orders Them to Cut Pump Prices
With gasoline above $4 a gallon and Brent crude sliding, the president singled out the two largest U.S. oil companies by name and said they had better hand some of it back.
Top NewsJPMorgan Says It Will Put $750 Billion Into American Housing Over the Next Decade
The bank committed to financing 1 million affordable units and helping 500,000 people buy homes by 2035, a 40% increase over its housing capital in the previous 10 years.
PoliticsAsked What They'd Tell a CEO, Nearly a Quarter of Americans Said the Same Thing: Stop Being Greedy
A new Echelon Insights and Brunswick Group survey found affordability is the top concern for 41% of voters — and a CBS News poll found only about a third think either party is doing anything about it.
Top NewsMortgage Rates Hit 6.66%, the Highest in a Year, in the Biggest One-Week Jump Since May
Freddie Mac's 30-year average climbed eight basis points as the Iran war pushed oil and Treasury yields higher and the Fed signaled its next move is more likely up than down.
Top NewsU.S. Growth Slows to 1.5% as the Iran War Pushes Gas Past $4 and Inflation Back Up
The Commerce Department's advance estimate came in well below the 2.1% economists expected, even as consumer spending accelerated. The price index for gross domestic purchases jumped to 5.7%.
Top NewsGas Hits $3.99 a Gallon as Iran War Reignites the Inflation Fight Americans Thought Was Over
Pump prices are up 34% since fighting began, and a Houthi threat to a second oil chokepoint has traders bracing for a fresh energy shock just as the Federal Reserve was closing in on its 2% target.
Top NewsOil Jumps as Trump Reinstates Iran Port Blockade and Threatens Hormuz Shipping Fees
Brent crude climbed toward $84 a barrel and pump prices rose again as the president moved to choke off Iranian oil exports, even as cooler inflation data lifted U.S. stocks.
WorldIndia Clears Rs 2.19 Lakh Crore Package Anchored by a Rs 1.27 Lakh Crore 'Semicon 2.0' Chip Mission
The Union Cabinet approved seven major projects on Wednesday — led by a vastly expanded semiconductor push and a Rs 62,500 crore mobile-phone manufacturing scheme — in a sweeping bid to make India a global electronics hub.
WatchTop NewsInflation Cools to 3.5% in June as S&P 500 Climbs, Easing Fears of Fresh Fed Rate Hikes
Consumer prices unexpectedly fell 0.4% last month, dragging the annual rate down from May's three-year high and pushing the S&P 500 back toward record territory as bets on a rate increase faded.
- World
Britain's Super-Rich Draw Up 'Escape Plans' as Wealth-Tax Fears Grip an Incoming Labour Government
Tax advisers report a surge in wealthy clients preparing to leave the UK amid speculation that a Burnham government with Ed Miliband as chancellor could raise capital-gains taxes or impose an exit levy.
PoliticsSupreme Court Upholds Birthright Citizenship, Blocking Trump's Order in Landmark Ruling
The justices affirmed that children born on U.S. soil are citizens regardless of their parents' status — a decision researchers say protects a group projected to add trillions to the economy.
Top NewsOil Spikes and Wall Street Recoils as Trump 'Plays With Economic Fire' Over the Strait of Hormuz
Crude jumped about 8% toward $80 a barrel after the president threatened to blockade the world's most important oil chokepoint, through which roughly a fifth of global supply flows.
Top NewsU.S. Hiring Stalls as Economy Adds Just 57,000 Jobs in June
The sharp slowdown from May's gains rattled economists and revived worries about the labor market, with wage growth trailing inflation for a third straight month.
- Politics
IMF Backs the Fed's Rate Hold as U.S. Economic Growth Is Revised Up to 2.1%
The International Monetary Fund said the American economy retains 'solid momentum' and praised new Federal Reserve Chair Kevin Warsh's commitment to price stability, even as looming tariffs cloud the second-half outlook.
PoliticsSocial Security Insolvency Now Projected for 2032, Threatening a 22% Benefit Cut
The program’s trustees moved the depletion date a year earlier, warning that more than 70 million Americans face automatic cuts of about $500 a month unless Congress acts.
Top NewsFed Holds Rates Steady and Pushes Cuts to 2027 as Iran War Reignites Inflation
In Kevin Warsh's first meeting as chair, the Federal Reserve left its benchmark rate unchanged and erased its projected 2026 cut, with some officials now signaling a hike could come as soon as October.
PoliticsFed Holds Rates Steady as Warsh Era Opens With a Hawkish Turn Toward Hikes
In Kevin Warsh's first meeting as Federal Reserve chair, policymakers kept the benchmark rate at 3.5% to 3.75% but dropped their bias toward cuts, with nine of 18 officials now projecting a rate increase before year's end.
WatchTop NewsInflation Surges to 4.2% in May, the Highest in Three Years, as Iran Energy Shock Hits Pump
Consumer prices jumped 0.5% for the month, driven by a 40.5% annual spike in gasoline tied to the closure of the Strait of Hormuz, as the Fed prepares to meet June 17.
BusinessThe Inflation Surge Is Hitting Businesses, Too
Wholesale inflation surged to its highest level since late 2022, as fuel prices pushed higher by the war with Iran ripple across the economy.
- Business
Inflation Surge Hits Businesses Hard as Iran War Drives Wholesale Prices Higher
Wholesale inflation has reached its highest level since late 2022, as fuel price increases from the ongoing conflict ripple across the economy.
PoliticsTrump Losing Ground With White Working-Class Voters on Economic Performance
Polling data shows extraordinary swing among key demographic that helped propel president to victory.
Top NewsWall Street Roars Back and Oil Tumbles as Trump Touts Imminent Iran Peace Deal
Stocks rallied and crude prices sank more than 3% after the president said an agreement to end the war and reopen the Strait of Hormuz could be signed within days.
- Markets
Inflation Surge Hits Businesses as Iran War Drives Wholesale Prices Higher
Wholesale inflation reached its highest level since late 2022 as fuel price increases from the Iran conflict ripple through the economy.
- Business
Wholesale Inflation Surges to Highest Level Since Late 2022 as Iran War Impacts Ripple
Rising fuel prices driven by Middle East conflict are creating widespread inflationary pressures across the U.S. economy, hitting businesses particularly hard.
MarketsInflation Surges to 4.2% in May, Hitting Three-Year High as Wage Growth Lags Behind
Consumer Price Index report shows dramatic increase from previous months while workers struggle with purchasing power as wages fail to keep pace with rising costs.
Top NewsInflation Surges to 4.2%, Highest Level in Three Years as Fed Rate Cut Hopes Fade
Consumer Price Index data shows airline tickets up 27% as workers struggle with wages that lag behind rising costs ahead of Fed Chair Kevin Warsh's first meeting.
PoliticsU.S. Adds 172,000 Jobs in May, Smashing Forecasts and Slamming the Door on a Fed Rate Cut
Hiring nearly doubled economists' expectations as restaurants, bars and hotels led the way — but wage growth trailed inflation, squeezing workers even as the labor market held firm.
- Politics
Trump Administration Unveils New 10% to 12.5% Tariffs on 60 Trading Partners After Forced-Labor Probe
Citing a Section 301 investigation into goods made with forced labor, U.S. Trade Representative Jamieson Greer proposed duties spanning Canada to China — months after the Supreme Court struck down the president's earlier tariff regime.
- Top News
Fed Edges Toward a Rate Hike as Officials Warn Inflation Is the 'Bigger Concern'
With energy prices climbing on the Gulf crisis and the labor market holding steady, Cleveland Fed President Beth Hammack signaled the central bank may soon need to tighten rather than cut.
- Top News
Oil Tops $100 and U.S. Gas Nears $5 a Gallon as Iran War Fuel Crisis Squeezes the Global Economy
Brent crude has surged roughly 50 percent since the war began, war-risk insurance has quintupled and Goldman Sachs estimates 14.5 million barrels a day have vanished from global production as the Strait of Hormuz stays shut.
Top NewsU.S. Job Market Shows Resilience with 172,000 New Positions Despite Economic Headwinds
Employers maintained steady hiring pace in May, but wage growth fails to keep up with rising prices as consumer pessimism persists.
BusinessU.S. Economy Adds 172,000 Jobs in May Despite Growing Inflation Pressures
Labor market maintains steady hiring pace as employers navigate rising costs and consumer spending constraints from persistent price increases.
Top NewsJob Market Crisis Leaves Young College Graduates Struggling to Launch Careers
Despite overall labor market improvements, entry-level hiring has stagnated, threatening to scar an entire generation of workers with permanent career setbacks.
MarketsU.S. Job Openings Surge to 7.6 Million in April, the Highest in Nearly Two Years, Defying Fears of an AI-Driven Slowdown
The Labor Department's JOLTS report showed openings jumping 731,000 in a single month, blowing past forecasts and complicating the Federal Reserve's path on interest rates.
Top NewsTrump Dominates GOP Primaries But Faces Uphill Battle in November Midterms
While the president's endorsed candidates are winning Republican primaries across the country, party strategists worry about appealing to voters beyond Trump's base in a challenging economic climate.
Politics61% of Americans Forced to Cut Back on Groceries as Trump Policies Drive Up Living Costs
More than three-quarters of Americans, including majority of Republicans, say president's policies have increased local cost of living.
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