Robert “Kelly” Ortberg, a former CEO at aerospace supplier Rockwell Collins, will succeed David Calhoun, 67, as CEO and president effective Aug. 8, the company said.

McDonald's global same-stores fell for the first time in nearly four years in the second quarter as inflation-weary consumers skipped meals out or chose cheaper options. The company said it's working on fixes, but it expects same-store sales to be down for the next few quarters.

America’s economy is about to stick what’s called a “soft landing,” which is when inflation returns to the Fed’s target without a recession — a feat that’s only happened once, during the 1990s, according to some economists.

At issue was a proposed rate increase that would drive the average monthly bill for residential customers of Illinois American Water up by nearly $30. Illinois American, which serves about 1.3 million people across the entire state, is one of two privately held water utilities seeking rate increases before state regulators. 

A gallon of gas in Chicago is now selling for an average of $4.34, according to AAA. That’s 27 cents more expensive than just a week ago after a tornado narrowly missed the Joliet Refinery and knocked power out to the Channahon, Illinois, facility.

The convention’s first day is still expected to focus on the economy even after Saturday’s shooting at a Trump rally in Pennsylvania in which the former president was injured.

Last month’s job growth did mark a pullback from 218,000 in May. But it was still a solid gain, reflecting the resilience of America’s consumer-driven economy, which is slowing but still growing steadily.

As the mayor ramps up work on his second budget proposal, a newly formed Chicago City Council subcommittee is set to meet at noon Wednesday to start examining the dozens of proposals to increase the amount of money officials have on hand to spend starting in 2025.

According to the study, Black households have a median net wealth of zero dollars compared to $210,000 for White families, and Black families have the lowest estimated rate of home ownership at 34% compared to 72% for White households.

Cook County Board President Toni Preckwinkle’s office is scheduled to release a detailed proposal to close the gap in October, but officials have no plans to hike taxes, cut services or layoff workers to cover the projected gap, a spokesperson told WTTW News. 

Sports wagering and video gambling have developed into two of the most robust markets in the nation; Illinois’ sportsbooks collectively have the fourth-largest handle among all states, while Illinois’ video gambling industry is by far the largest of any state.

In all, Chicago spent $202 million on a host of programs including affordable housing, mental health, violence prevention, youth job programs and help for unhoused Chicagoans through March 31, records show.

Older Americans are fueling a sustained boost to the U.S. economy. Benefiting from outsize gains in the stock and housing markets over the past several years, they are accounting for a larger share of consumer spending — the principal driver of economic growth — than ever before.

Earned Wage Access apps extend small short-term loans to workers in between paychecks so they can pay bills and meet everyday needs. On payday, the user repays the money out of their wages. Between 2018 and 2020, transaction volume tripled from $3.2 billion to $9.5 billion.

“Here to Work” advocates say extending legal work permits to long-term undocumented residents will help unite communities, stabilize the workforce and promote fair wages. Opponents argue that could come at a cost to taxpayers and drive down wages for legal citizens.

The price of spot gold reached $2,364 per ounce Tuesday after hitting record highs for seven straight sessions and trading at $2,336 per ounce Monday. Year on year, gold is up 16.5%.