Scott Horsley

Americans began the new year with a spending spree, but businesses are not sure how long it can last. There's a lot riding on the answer, since consumer spending is the backbone of the U.S. economy.

Consumers began 2023 with a surprisingly strong spending spree, but businesses aren't sure it will last. People's spending will play a big role in shaping the economic outlook and future of inflation.

Inflation cooled only slightly last month as the cost of housing, food and gas rose. Consumer prices in January were 6.4%, compared to a 6.5% inflation rate the month before.

Annual inflation cooled in January for the seventh month in a row. But price increases accelerated between December and January, fueled by rising shelter, food and gasoline prices.

The Labor Department reports Tuesday on consumer prices for January. Inflation looks better when compared to prices from a year ago. But looking at prices from a month ago, it is less encouraging.

While supermarket inflation is still high, there are savings to be found on Super Bowl snacks. Prices for chicken wings and guacamole have fallen sharply since last year's big game.

President Biden and Arkansas Gov. Sarah Huckabee Sanders had different takes on the state of the economy last night. By many measures, the economy is improving, but many Americans don't feel that way.

US employers added over 500 thousand jobs last month, far more than forecasters expected. The unemployment rate fell to its lowest level in more than 53 years, and President Biden is taking credit.

U.S. employers added more than half a million jobs in January — far more than forecasters had expected. The unemployment rate fell to its lowest level in more than half a century.

U.S. employers added 517,000 jobs in January, as the unemployment rate fell to 3.4% . The job market remains tight, despite signs of a slowing economy.

The U.S. job market remains tight, with unemployment at or near a half-century low. The Labor Department reports Friday morning on job gains for the month of January.

The Federal Reserve raised interest rates by a quarter-percentage point as part of its ongoing effort to fight inflation. Price hikes have begun to ease, but the Fed says inflation is not yet tamed.

The Federal Reserve is expected to continue its crackdown on inflation by raising interest rates, but only by a quarter percentage point. That would be the smallest rate hike since last March.

A U.S. appeals court has dismissed the bankruptcy case filed by a Johnson & Johnson spinoff company. Around 40,000 cancer patients have filed suit, alleging the powder was contaminated with asbestos.

The U.S. economy grew at a healthy clip in the final months of 2022. But forecasters expect slower growth this year, as the Federal Reserve continues to crack down on inflation.

The U.S. economy grew at an annual rate of 2.9% in the final three months of last year — a surprisingly strong finish. But growth is expected to slow in 2023, and possibly even reverse.

The U.S. economy grew at a healthy clip in the final months of last year, but forecasters expect that to slow in 2023.

With the potential of a default looming, Washington looks for answers on how to solve the debt ceiling impasse.

The U.S. is expected to hit its debt ceiling Thursday, forcing the Treasury to take "extraordinary measures" to pay off its bills. A political stalemate could lead to an unprecedented federal default.

Treasury Secretary Janet Yellen wants Congress to raise the federal debt limit fast to avoid a default. House Republicans say they'll use the negotiations to win concessions on government spending.