Hiring surged in June, shrugging off economic worries
Employers across the U.S. added 147,000 jobs in June, while the unemployment rate fell to 4.1%.
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Employers across the U.S. added 147,000 jobs in June, while the unemployment rate fell to 4.1%.
Fed Chair Jerome Powell responded with a one-word answer when asked if he'd step down if asked by President-elect Donald Trump.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
Inflation-weary consumers have also been slammed by high borrowing costs, but the Fed is cautious about sticky inflation.
President Biden is hoping to stack the Central Bank with its top governors as it continues working to stem inflation.
Latest hike brings the U.S central bank's benchmark interest rate to its highest level in 16 years.
The regional lender, whose collapse is the second-biggest bank failure in U.S. history, is the third bank to be seized by regulators since March.
All deposit accounts at Silicon Valley Bank and Signature Bank in New York will be guaranteed, the Federal Reserve, Treasury Dept. and FDIC said in a joint statement.
President Biden is highlighting January's job report after it soared past economists' predictions. Jeanna Smialek, a financial reporter at The New York Times, joins CBS News to discuss what the numbers mean for the state of the U.S. economy and future Fed moves.
Personal consumption expenditures increased at the lowest rate in over a year, showing the long run-up in prices is likely ending.
The central bank boosted interest rates for the seventh time this year, which means pricier debt and loans.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Economists expect a sharp increase in borrowing costs. That could impact credit cards, loans and other debt.
The top news stories you might not have heard about this week
The Federal Reserve bumped up its most important interest rate another quarter point on Wednesday, its seventh rate hike since late 2015.
The Fed is boosting its key short-term rate by a modest quarter-point to a still-low range of 1.5 percent to 1.75 percent and will keep shrinking its bond portfolio. Both steps show confidence that the U.S. economy remains sturdy nearly nine years after the Great Recession ended.
The Federal Reserve Bank of San Francisco apologized Tuesday for a political message posted to the bank's Twitter page.
On Monday, the Treasury Department sold 553,846,153 shares in AIG on Monday, turning an $18 billion profit on the $32.50 a share price.
Traditionally, home equity rises as a mortgage is paid off, but home values continue to plunge since the bubble burst in 2006.
A showdown vote in the Senate over a proposed cap on fees that stores charge for a debit card swipe is pitting bankers against merchants — but will consumers lose either way?
The Federal Reserve plans to release documents on Thursday identifying financial companies that received Fed loans to survive the financial crisis.
Consumers borrowed more in January to purchase new cars but were once again frugal with credit card purchases, offering a mixed sign of their confidence in the economy.
Jason Robertson had two goals and an assist, and the Dallas Stars beat the Anaheim Ducks 8-3 for their third straight win.
A single winning ticket was sold for Powerball's Christmas Eve jackpot of $1.817 billion, in Arkansas. It was the second-largest U.S. lottery jackpot ever won.
Jacob Alexander Demmin, 25, of Yorba Linda, was still employed at Ultimate Ninjas Gym in Anaheim Hills at the time of his arrest, authorities said.
No suspect was in custody as of 4 p.m.
Highway 2 leading into Wrightwood is washed out due to flooding, with evacuation and safety warnings in place as crews work to get the situation in the area under control, according to San Bernardino County Fire.
An emphasis has been placed on burn scar areas that are more susceptible to flooding, mudslides and debris flows.
A single winning ticket was sold for Powerball's Christmas Eve jackpot of $1.817 billion, in Arkansas. It was the second-largest U.S. lottery jackpot ever won.
Jacob Alexander Demmin, 25, of Yorba Linda, was still employed at Ultimate Ninjas Gym in Anaheim Hills at the time of his arrest, authorities said.
No suspect was in custody as of 4 p.m.
Highway 2 leading into Wrightwood is washed out due to flooding, with evacuation and safety warnings in place as crews work to get the situation in the area under control, according to San Bernardino County Fire.
Highway 2 leading into Wrightwood is washed out due to flooding, with evacuation and safety warnings in place as crews work to get the situation in the area under control, according to San Bernardino County Fire.
An emphasis has been placed on burn scar areas that are more susceptible to flooding, mudslides and debris flows.
The California Highway Patrol is warning drivers to use alternate routes and use extra caution as roads are slick due to the heavy rain.
LAFD crews attempted to contain a fire that engulfed an industrial business in San Pedro.
Braun Levi, 18, was about a month away from graduating when he died. His family moved to Manhattan Beach after the Palisades Fire destroyed their home.
It happened at around 10:23 p.m. on Saturday near S. Gilbert Street and Carol Drive, according to the Fullerton Police Department.
Police say that the shooting stemmed from a fight at a party on Friday night.
Southern California air quality regulators extended a no-burn alert for much of Los Angeles, Orange, Riverside and San Bernardino counties.
With Hanukkah underway and Christmas approaching, CBS LA is issuing a Next Weather Alert for rainy weather this holiday season.
The decision to settle was reached after a two-month civil trial in a wrongful death lawsuit.
Highway 2 leading into Wrightwood is washed out due to flooding, with evacuation and safety warnings in place as crews work to get the situation in the area under control, according to San Bernardino County Fire.
Two people were arrested for allegedly stealing a horse worth approximately $80,000 in November, according to the Riverside County Sheriff's Office.
Firefighters said that the pilot deployed an "airframe parachute system," which allowed the aircraft to make a safe landing in the Cleveland National Forest.
Firefighters said that two of the residence's five occupants were found dead after they extinguished the fire. "Multiple household pets" also died in the blaze, according to Murrieta Fire & Rescue.
The burglar stole the restaurant's safe and caused thousands of dollars in damage.
A single winning ticket was sold for Powerball's Christmas Eve jackpot of $1.817 billion, in Arkansas. It was the second-largest U.S. lottery jackpot ever won.
A prominent California farmer was arrested in the shooting death of his estranged wife in a remote mountain community in Arizona, authorities said.
Feeding America's CEO said the organization is "incredibly grateful" for Taylor Swift's large donation.
With no winner in Monday's drawing, the Powerball jackpot on Christmas Eve will be at least an estimated $1.7 billion.
Doctors and scientists say this year's influenza season could be tougher than usual, with a new version of the flu virus, called H3N2, spreading quickly.
The Justice Department is facing continued backlash over its partial releases of the Epstein files, with lawmakers and survivors denouncing the limited scope of the disclosures.
Secretary of the Interior Doug Burgum said the agency is pausing leases for five offshore wind farms "due to national security concerns."
Rifts over the direction of the conservative movement emerged during Turning Point USA's conference, as speakers attacked each other by name.
The Department of Homeland Security has tripled its "exit bonus" offered to undocumented migrants who voluntarily leave the United States by Dec. 31, 2025.
If caught and seized, it would be the third Venezuelan tanker taken by the U.S. this month.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
A bill that would reverse a 25% tax increase on California's legal cannabis industry is heading to Gov. Gavin Newsom's desk, after being approved by the legislature.
Meal kit delivery firm HelloFresh will pay $7.5 million to settle a lawsuit accusing it of misleading customers and making it difficult for them to cancel their subscriptions.
With the help of her daughter and her 5th-grade class, CBS News California (KCAL) Investigative reporter Julie Watts investigates "Sephora Kids" concerns.
A Southern California man has pleaded guilty for his role in a scheme that stole more than $2 million from San Francisco-based food delivery company DoorDash, federal prosecutors said.
Millions of people with an Affordable Care Act health plan face a massive jump in premiums next year — this chart shows just how much.
"I don't know how I'm going to pay for this," said one person with an Affordable Care Act plan that will cost her $1,100 a month starting in January.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
In an interview with CBS News, FDA Commissioner Dr. Marty Makary explains what went into the decision to drop the most serious warnings on hormone therapy for menopause.
At least 11 people have contracted Salmonella linked to powder supplements sold at Sam's Club stores nationwide, health authorities said.
About 30% of San Francisco was without power at the height of the outage, according to utility provider PG&E.
The DMV said it is giving Tesla Motors 60 days to address its misleading use of "autopilot," or it could have its dealer license temporarily suspended.
California is set to join a growing list of states banning the practice of cat declawing, under a new law taking effect in January.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
Waymo has begun offering autonomous robotaxi service using freeways for the first time in select cities in California and Arizona, the company announced.
Jason Robertson had two goals and an assist, and the Dallas Stars beat the Anaheim Ducks 8-3 for their third straight win.
Jordan Eberle had a power-play goal, Frederick Gaudreau and Ben Meyers also scored, and the Seattle Kraken held on for a 3-2 win over the Los Angeles Kings.
Kawhi Leonard scored 41 points and James Harden added 29 as the Los Angeles Clippers beat the Houston Rockets 128-108 on Tuesday night.
The Chargers will be represented by five players, including Justin Herbert and Derwin James Jr., while the Rams will send four players that include Matthew Stafford and Puka Nacua.
Dillon Brooks scored 25 points, Devin Booker added 21 and the Phoenix Suns pulled away in the second half to beat the Los Angeles Lakers 132-108.
Feeding America's CEO said the organization is "incredibly grateful" for Taylor Swift's large donation.
Vince Zampella, a video game developer known for pioneering iconic franchises like "Call of Duty," died in a car crash on the Angeles Crest Highway in Los Angeles County on Sunday afternoon.
The singer said an MRI showed a cancerous spot on one of his lungs after he recovered from a lengthy bout of bronchitis.
James Ransone, the actor who played Ziggy Sobotka in the HBO series "The Wire" and appeared in many other TV shows and movies, has died.
Comedian and actor Bowen Yang performed his final sketch on "SNL" Saturday night, after announcing his unexpected mid-season exit from the show.
Former NFL defensive lineman Tyrone Rodgers owns a Christmas Tree lot in Anaheim, providing a work opportunity for those in need.
Holiday travel turned messy and dangerous in Southern California on Wednesday as the holiday storm rolled in. Jeff Nguyen reports.
The community of Altadena dealt with mud pileups and flooding on Wednesday during the holiday storms in Southern California. Rina Nakano reports.
Mudslides along the Cajon Pass and in other parts of Southern California have made holiday travel a struggle for many. Luzdelia Caballero reports.
Southern California's Christmas Eve rainfall is tapering down, but another round looks to be on its way. Evelyn Taft reports.
Widely considered the greatest architect of his time, Frank Gehry helped shape Los Angeles' skyline.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Franklin Fire in Malibu quickly grew overnight and threatened several homes. Evacuation orders were issued and Pepperdine University instructed students to shelter in place.
Several people have been injured and multiple homes burned after the Mountain Fire broke out Wednesday morning in Ventura County, burning over 10,000 acres within hours.
