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What are Ohio economic analysts keeping an eye on as inflation grows?
By: Andy Chow | Statehouse News Bureau
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COLUMBUS, Ohio (Statehouse News Bureau) — Analysts in Ohio are keeping a watchful eye on certain decisions made on the federal level to address the problem of inflation, with the concern that an overreaction could cause more economic issues. The Consumer Price Index report for May showed that inflation in the U.S. increased by 8.6%… Read More
The Fed delivers biggest interest rate hike in decades to combat surging inflation
By: Scott Horsley | NPR
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WASHINGTON, D.C. (NPR) — The Federal Reserve escalated its battle against inflation Wednesday, announcing the largest interest rate hike in 28 years as the central bank struggles to regain control over soaring consumer prices. The Fed raised its benchmark interest rate by three-quarters of a percentage point — the biggest hike since 1994. That follows… Read More
Inflation is increasing demand at food banks, leading to a struggle to keep shelves stocked
By: Jo Ingles | Statehouse News Bureau
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COLUMBUS, Ohio (Statehouse News Bureau) — As many low-income Ohioans struggle to keep up with the rising price of gas and rent, they are increasingly turning to food banks when they run out of money to make ends meet. Lisa Hamler-Fugitt, the executive director of the Ohio Association of Foodbanks, said the items on shelves… Read More
Inflation soars to an over 40-year high. These are the ways Americans are coping
By: Scott Horsley | NPR
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Updated June 10, 2022 at 9:51 AM ET WASHINGTON, D.C. (NPR) — Clay Watkins loves LaCroix brand sparkling water — especially the watermelon flavor. So the suburban Chicago school teacher was excited when he spotted it on sale at his local grocery store: two packages for $8. “I went to grab the package and I… Read More
Demand at food banks is way up again. But inflation makes it harder to meet the need
By: Jennifer Ludden | NPR
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NORFOLK, Virginia (NPR) — On a sultry evening at a neighborhood food pantry in this waterfront city, some in the line outside have come from work. Justine Lee, a teller at a credit union, had never gone to a food bank until prices went crazy this year. Now, she says with a laugh, inflation means… Read More
Inflation may be easing — but low-income people are still paying the steepest prices
By: Scott Horsley | NPR
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Updated May 11, 2022 at 8:37 AM ET WASHINGTON, D.C. (NPR) — Four-dollar gasoline and five-dollar hamburger are putting a squeeze on Tanya Byron’s pocketbook. But it’s the rent that really stings. “It’s pretty depressing,” says the Jacksonville, Fla., travel agent, sitting in the tiny dining room that doubles as her home office. “I make… Read More
Inequality persists as the U.S. economy recovers from the pandemic
By: PBS Newshour
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WASHINGTON, D.C. (NewsHour) — The latest jobs report for April shows the U.S. capping a year of solid growth. Employers added 428,000 jobs and the unemployment rate remains steady at 3.6 percent, a pandemic-era low. But inequality continues as the economy recovers from the pandemic. Maurice Jones, former Virginia commerce secretary and HUD official, and… Read More
The Fed raises interest rates by the most in over 20 years to fight inflation
By: Scott Horsley | NPR
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WASHINGTON, D.C. (NPR) — The Federal Reserve ordered the largest interest hike in more than two decades Wednesday as part of its escalating campaign to battle stubbornly high inflation. The central bank raised its benchmark rate by half-a-percentage point, following a quarter-point increase in March. The moves mark a sharp U-turn from the easy-money policies… Read More
Why there are growing fears the U.S. is headed to a recession
By: Scott Horsley | NPR
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WASHINGTON, D.C. (NPR) — Warning lights are flashing for the U.S. economy. A growing number of forecasters now believe a recession is on the horizon as the Federal Reserve gears up to raise interest rates sharply to combat the highest inflation in more than 40 years. It’s an unusual outlook at a time when the… Read More
How soaring inflation forces stark choices
By: Scott Horsley | NPR
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Updated April 12, 2022 at 8:36 AM ET WASHINGTON, D.C. (NPR) — From rising rent to higher heating bills, surging inflation impacts everybody, but it poses a particular hardship for people with little extra money to spare. On Tuesday, the Labor Department reported that consumer prices in March were 8.5% higher than a year ago… Read More
How Russia rescued the ruble
By: Paddy Hirsch | NPR
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WASHINGTON, D.C. (NPR) — Russia said last week that it wants the European countries that buy its natural gas to make their payments in rubles, rather than dollars or euros. A month ago that might have seemed like a pretty good deal: the ruble was down 40 percent, at 139 rubles to the dollar, in… Read More
Biden’s new budget calls for funding police and taxing billionaires
By: Tamara Keith | NPR
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WASHINGTON, D.C. (NPR) — President Biden’s budget proposal for the coming fiscal year includes a new minimum tax on billionaires and increased funding for police and gun violence prevention. It also calls for additional defense spending and ongoing support for Ukraine’s effort to repel Russia. And it includes elements of Biden’s “Build Back Better” agenda,… Read More
As gas prices surge, here’s how to get the most out of your tank
By: Rachel Treisman | NPR
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WASHINGTON, D.C. (NPR) — Global crude oil prices have been on the rise following Russia’s invasion of Ukraine, with U.S. gas prices hitting a new national record on Tuesday. As NPR’s Camila Domonoske reported: “The average cost of a gallon of regular fuel is now $4.173, according to AAA, after jumping 55 cents in the… Read More
The U.S. added 678,000 jobs in February. It’s another sign of a hot labor market
By: Scott Horsley | NPR
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Updated March 4, 2022 at 9:08 AM ET WASHINGTON, D.C. (NPR) — Hiring accelerated sharply last month as U.S. employers added 678,000 jobs, the largest gain since last July, and a resilient economy continues its recovery from the stubborn coronavirus pandemic. The unemployment rate fell to 3.8% last month, from 4% in January. Job gains… Read More
Boycotts of Russian products and groups spread, but the effects may be limited
By: Emma Bowman | NPR
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WASHINGTON, D.C. (NPR) — As world governments step up their penalties against Russia over its invasion of Ukraine, businesses and consumers are protesting the country with sanctions of their own. A growing range of Russian businesses, organizations and individuals are facing boycotts over their country’s invasion of Ukraine. Clearing vodka from the shelves is largely… Read More
Why buying a car is still such a miserable experience right now
By: Camila Domonoske | NPR
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WASHINGTON, D.C. (NPR) — Thinking of buying a car? Kimberly Walker, a mother of two in Columbia, S.C., can tell you exactly what that’s like these days. She recently found herself having to shop for two vehicles on opposite ends of the market. For herself, she wanted a late-model electric Audi, and after looking around,… Read More
The U.S. is considering a radical rethinking of the dollar for today’s digital world
By: David Gura | NPR
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WASHINGTON, D.C. (NPR) — Since its establishment as the country’s national currency, the dollar has undergone many updates and changes, but nothing compares to the proposal being debated today. The U.S. is gingerly considering whether to adopt a digital version of its currency, one better suited for today’s increasingly cashless world, ushering in what could… Read More
Believe it or not, the economy grew last year at the fastest pace since 1984
By: Scott Horsley | NPR
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WASHINGTON, D.C. (NPR) — Last year saw the fastest economic growth since Ronald Reagan was president. But for many people, 2021 felt less like “Morning in America” and more like a restless night, dogged by fitful dreams about the ongoing pandemic. The Commerce Department reported Thursday that the nation’s gross domestic product grew 5.7% last… Read More
Steelmaker Nucor to build $2.7B plant in Mason County, W. Va.
By: Associated Press
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CHARLESTON, W.Va. (AP) — A North Carolina steelmaker will build a $2.7 billion mill in Mason County, West Virginia, creating an estimated 800 manufacturing jobs. Gov. Jim Justice calls the location of Nucor Corp.’s plant in Mason County the largest investment in the state’s history. Lawmakers completed legislation at Justice’s request Tuesday to offer the… Read More
Inflation is red hot, soaring to 6.8% in November, the highest in nearly four decades
By: Scott Horsley | NPR
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Updated December 10, 2021 at 9:09 AM ET WASHINGTON, D.C. (NPR) — If you think your grocery bill has gone through the roof this year, you can appreciate what’s happened to Cameron Mitchell. Mitchell’s shopping for about 60 restaurants he runs in cities across the country — from high-end steakhouses to Molly Woo’s Asian Bistro… Read More
How inflation, climate change and energy costs are pushing up food prices
By: PBS Newshour
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WASHINGTON, D.C. (NewsHour) — In the US, inflation is now above six percent, and globally, food prices are at their highest since 2011. Climate change, energy demands and inflation are causing shortages and driving up costs in some of the poorest nations. Wall Street Journal reporter Samantha Pearson joins NewsHour’s Hari Sreenivasan from Sao Paulo,… Read More
Ohio holiday shoppers are expected to spend more on stuff this year than in 2020
By: Karen Kasler | Statehouse News Bureau
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COLUMBUS, Ohio (Statehouse News Bureau) — Ohioans are expected to spend more than $31 billion this holiday season, up 7.3% from last year. That forecast comes from researchers hired by the Ohio Council of Retail Merchants. “The Economics Center is forecasting a 7.3% increase in Ohio relevant retail spending during the 2021 holiday season compared… Read More
The White House is tapping oil reserves to try to bring down high gas prices
By: Tamara Keith | NPR
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Updated November 23, 2021 at 3:35 PM ET WASHINGTON, D.C. (NPR) — The United States plans to draw 50 million barrels of oil from its emergency oil reserves in coming months, a widely anticipated step aimed at trying to take the edge off high gas prices that have been hurting consumers at the pump —… Read More
Expect to pay more this year to stage your Thanksgiving feast
By: Deepa Shivaram | NPR
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WASHINGTON, D.C. (NPR) — Get ready to add another stressor to your Thanksgiving holiday this year. The Farm Bureau reports that the cost of a Thanksgiving dinner for 10 people is up 14% over last year, averaging at $53.31. The Farm Bureau’s calculations include turkey, stuffing mix, sweet potatoes, rolls with butter, peas, cranberries, a… Read More
The pandemic economy’s latest victim? The lowly shipping container
By: Jackie Northam | NPR
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WASHINGTON, D.C. (NPR) — Ah, the unassuming shipping container. It’s really nothing more than a big steel box with a couple of doors. At any given time, millions of containers are piled on ships plying the world’s waterways. Battered by weather and waves, they are packed with just about anything you can imagine — exotic… Read More
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