Much of the country was back at work Monday after the long holiday weekend. But along with whatever else they were doing at their job, there’s a good chance they were doing something else ... shopping.
Economy
You may have heard Chicago has a pension problem … to the tune of more than $35 billion of debt. Pensions affect nearly everyone — even if you’re not a public employee. Taxpayers have already been footing the bill to alleviate the pension debt.
Tuesday’s report from the Labor Department showed that prices either fell or rose more slowly across a broad range of goods and services, including gas, new and used cars, hotel rooms and housing.
State Sen. Rob Martwick, the measure's author, praised Mayor Brandon Johnson for confronting Chicago’s pension woes. The bill ensures that all retired Chicago police officers get a 3% annual cost-of-living increase, regardless of whether they were born before or after Jan. 1, 1966.
Retailers say theft is exploding, and some data from retailers along with numerous videos of violent store robberies and looting seem to support the claim. But some retail analysts and researchers say stores may be over-stating the extent and impact of theft.
CVS, Walgreens and Rite Aid are eliminating some locations as they face rising competition for these items from Amazon, big-box stores with pharmacies like Walmart, and Dollar General in rural areas.
The cost-of-living adjustment, or COLA, means the average recipient will receive more than $50 more every month beginning in January, the Social Security Administration said Thursday. The AARP estimated that increase at $59 per month.
The changes to how car buyers can get the federal tax break on EVs — part of the Inflation Reduction Act — were announced by the Biden administration on Friday and are being rolled out to car dealerships before they take effect starting Jan. 1.
Chicago joins Alaska, California, Guam, Minnesota, Montana, Nevada, Oregon, Washington and Washington, D.C., in ending the tipped minimum wage.
The economy has now added an average of 266,000 jobs a month for the past three months, a streak that could make it likelier that the Federal Reserve will raise its key rate again before year’s end as it continues its drive to tame inflation.
The average rate on the benchmark 30-year home loan rose to 7.31%, from 7.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.70%.
Chicago could join Alaska, California, Guam, Minnesota, Montana, Nevada, Oregon, Washington and Washington D.C. in ending the tipped minimum wage.
Chicago is set to join Alaska, California, Guam, Minnesota, Montana, Nevada, Oregon, Washington and Washington D.C. in ending the tipped minimum wage.
In a video statement late Monday, UAW President Shawn Fain said workers at more factories will join those who are now in the fifth day of a strike at three plants.
The $500 million presidential center now under construction in Jackson Park has already made South Shore “ground zero” of Chicago’s housing crisis, with a high eviction rate and surging real estate prices, according to supporters of a City Council proposal.
In a set of conflicting data, the Labor Department said the consumer price index rose 3.7% in August from a year ago, up from a 3.2% annual pace in July. Yet excluding the volatile food and energy categories, so-called core prices rose 4.3%, a step back from 4.7% in July and the smallest increase in nearly two years.
