Economy
The national average of nearly $6.06 is up from $5.85 last week and almost $3.71 this time last year, according to motor club AAA.
The report, “Hunkering Down: The Hidden Economic Cost of Federal Immigration Enforcement in Cook County, IL,” was released by UIC’s Great Cities Institute. The report also found an estimated $107 million was lost in local sales tax revenue.
Canada has announced $20 billion in tariffs on more than 700 U.S. goods, including steel, aluminum and dairy products. The retaliatory tariffs will take effect Sept. 8 and are a response to U.S. tariffs imposed Aug. 22 on Canadian wine, cement and hockey sticks, among other products.
“Your war and your tariffs are squeezing Illinois farmers with higher costs they cannot control and never asked for,” Gov. JB Pritzker wrote. “They should not be forced to pick up the tab for your decisions.”
The median sale price for homes in Chicago hit $425,000 in July, according to data from Illinois Realtors. That’s a 13.3% increase from last year. Across the state, the median price of $338,000 represented a 6% increase in a year.
The U.S. job market stalled unexpectedly last month, delivering a political blow to President Donald Trump three months ahead of midterm elections and complicating decision-making for the inflation fighters at the Federal Reserve.
Gov. JB Pritzker is demanding the Trump administration reimburse Illinois residents who were forced to pay higher prices caused by tariffs that were later struck down by the U.S. Supreme Court.
The 50% tariffs on certain Canadian goods, including electrical equipment and machinery, are among the steepest tariffs his administration has levied against any country.
According to motor club federation AAA, the national average for a gallon of regular gasoline is now back to $4. The average price a year ago was $3.14 a gallon. In Cook County, the average was even higher at $4.34.
New data released this week showed inflation cooled slightly in June. But there’s still uncertainty around what comes next for this issue, which has been a thorn in the side of many Americans for the past five years.
“We encourage you to review your paycheck to ensure you’re being paid the appropriate wage,” Cook County Department of Human Rights and Ethics Executive Director Jennifer King said.
Even With a Deal to Reopen the Strait of Hormuz, It Could Take Weeks or Months for Oil to Fully Flow
The tentative agreement to end the war in Iran and reopen the Strait of Hormuz would be good news for the global economy. But even as the price of oil dropped Monday, many questions remain.
Consumer prices rose 4.2% in May from a year earlier, the Labor Department said Wednesday, up from 3.8% in April and the third straight monthly increase. On a monthly basis, prices rose 0.5% last month, after big gains of 0.6% in April and 0.9% in March.
Prices for tomatoes have soared more than any other food product over the past year to cement a spot as one of the consumer headaches du jour.
Gas prices in Chicago are up 70 cents from one month ago, and nearly $1.70 compared to last year, according to data from AAA.
While President Donald Trump and Chinese President Xi Jinping reached some agreement on trade deals, questions still loom large over Taiwanese independence and which country will emerge as the dominant world power for decades to come.