Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the new price exceeds by 32 cents the prior all-time high of $4.11 set in July 2008. But that’s still quite a ways from the inflation-adjusted record high of about $5.24 per gallon.

Stripping most favored nation status from Russia would allow the U.S. and allies to impose higher tariffs on some Russian imports, increasing the isolation of the Russian economy.

Such swings have become common in recent weeks, not only day-to-day but hour-to-hour, after Russia’s invasion of Ukraine raised worries about how high prices will go for oil, wheat and other commodities produced in the region.

Guaranteed income or cash transfer programs have often been framed as resources to help pay for unexpected medical bills or rent. But now, a group of doctors is pitching the program as not only an anti-poverty strategy but an anti-violence strategy.

Illinois hotel leaders are proposing the Hotel Jobs Recovery Act, which would allocate funds to hotels across the state to rehire workers. The group is proposing $250 million to come from the state’s leftover American Rescue Plan Act funding, giving one-time grants of $1,500 per room for every hotel in Illinois. 

The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.

The action follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion.

Employers added a robust 678,000 jobs in February, the largest monthly total since July, the Labor Department reported Friday. The unemployment rate dropped to 3.8%, from 4% in January, extending a sharp decline in joblessness to its lowest level since before the pandemic erupted two years ago.

A lottery will determine which Chicagoans suffering from the economic catastrophe unleashed by the COVID-19 pandemic will get $500 per month for a year as part of an effort to study whether a universal basic income could reduce poverty in the city.

Efforts backed by Mayor Lori Lightfoot to reduce residential segregation in Chicago have begun to show signs of progress, officials with the Chicago Department of Housing say. The centerpiece of that effort is a revamped ordinance that requires developers who get special permission from the city or a subsidy to build more units earmarked for low- and moderate-income Chicagoans and pay higher fees. 

Retail sales jumped 3.8% from December to January, the Commerce Department said Wednesday, a much bigger increase than economists had expected. Though inflation helped boost that figure, most of January’s gain reflected more purchases, not higher prices.

The 2022 Chicago Auto Show is featuring the latest automotive trends while showcasing an influx of vehicles at a time when new cars are hard to find. 

The government's report Friday also drastically revised up its estimate of job gains for November and December by a combined 709,000. It also said the unemployment rate ticked up last month from 3.9% to a still-low 4%.

Stocks are mixed Monday as Wall Street heads for its worst month since the early days of the pandemic, weighed by worries that imminent hikes in interest rates will make everything in markets more challenging.

The nation’s gross domestic product — its total output of goods and services — expanded 5.7% in 2021. It was the strongest calendar-year growth since a 7.2% surge in 1984 after a previous recession.

The stock market extended its three-week decline and put the benchmark S&P 500 on track for a so-called correction — a drop of 10% or more from its most recent high.