Michigan gas prices dropped around 7 cents in the last week, lowering the average cost of a gallon of regular, unleaded fuel to $3.03, AAA-Auto Club Group announced Monday.
NEW YORK — The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses.
TOKYO — Japanese automakers Honda and Nissan have announced plans to work toward a merger that would form the world’s third-largest automaker by sales, as the industry undergoes dramatic changes in its transition away from fossil fuels.
President-elect Donald Trump’s vow to levy a 25 percent tariff on “all” goods from Mexico and Canada could prove disastrous for the U.S. auto industry, analysts say – and that’s why industry executives are highlighting whatever comparative advantage they can muster to manage the threat.
As the Federal Reserve continues to cut interest rates amid a cooling job market, the economy is poised for moderate growth in Michigan and nationally over the next two years, according to University of Michigan economists.
EAST LANSING — David Ortega, food economist and Noel W. Stuckman chair in food economics and policy in the Department of Agricultural, Food and Resource Economics at Michigan State University, shares what to expect at the grocery store this holiday season.
FERRYSBURG — Following an annual evaluation at its Nov. 4 City Council meeting, the council voted to approve a 15 percent raise for City Manager Craig Bessinger.
NEW YORK — Nearly everything on Wall Street is tumbling Monday as fear about a slowing U.S. economy worsens and sets off another sell-off for financial markets around the world.
LANSING — Michigan lawmakers cast the final votes, at about 5 a.m. Thursday, for an $83 billion state budget that would provide $409 million in funding for special projects, a 2.5 percent boost for university operations and a new approach to getting dollars to K-12 schools.
NEW YORK — It’s tax season in the U.S., and for many people, filing tax returns can be a daunting task that’s often left until the last minute. But if you want to avoid the stress of the looming deadline, start getting organized as soon as possible.
The consumer – and their power in the 2024 economic landscape – was the main topic of discussion of Tuesday morning’s Economic Forecast Breakfast, hosted by The Chamber of Grand Haven, Spring Lake, and Ferrysburg.
GRAND RAPIDS — Bartender Catey Regis had a pricey misadventure buying a used car recently – an experience that speaks to why voters are worrying about the U.S. economy going into this year’s presidential election.
NEW YORK — Wall Street was hanging near its record heights Tuesday as earnings reporting season for big U.S. companies gets going.
LOS ANGELES — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low, as sharply higher mortgage rates, rising prices and a persistently low level of homes on the market combined to push homeownership out of reach for many Americans.
The Federal Reserve’s preferred gauge of underlying inflation barely rose in November and trailed policymakers’ 2 percent target by one measure, reinforcing the central bank’s pivot toward interest-rate cuts next year.
Visit Muskegon and the Muskegon Lakeshore Chamber of Commerce recently estimated that cruise passenger spending generated nearly $700,000 in economic impact for West Michigan in 2023.
WASHINGTON — The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year.
WASHINGTON — Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve.
Residents of some Midwestern and Mountain states gained the most income per capita during the past four years, a Stateline analysis shows, as competition for workers drove up wages in relatively affordable places to live.
The United Auto Workers union is stepping up pressure on Detroit’s Big Three by threatening to expand its strike unless it sees major progress in contract negotiations by Friday.
NEW YORK — It’s been a central argument for the United Auto Workers union: If Detroit’s three automakers raised CEO pay by 40 percent over the past four years, workers should get similar raises.
WASHINGTON — U.S. consumer confidence shot to the highest level in two years this month as inflationary pressures eased and the American economy continued to show resilience in the face of dramatically higher interest rates.
WASHINGTON (AP) — The warnings have been sounded for more than a year: A recession is going to hit the United States. If not this quarter, then by next quarter. Or the quarter after that. Or maybe next year.
WASHINGTON (AP) — In a good month, Celina Chanthanouvong has about $200 left after rent, groceries and car insurance. That doesn't factor in her student loans, which have been on hold since the start of the pandemic and are estimated to cost $300 a month. The pause in repayment has been a li…
WASHINGTON — The stubbornness of high inflation is dividing the Federal Reserve over how to manage interest rates in the coming months, leaving the outlook for the Fed’s policies cloudier than at any time since it unleashed a streak of 10 straight rate hikes beginning in March 2022.
WASHINGTON — U.S. consumer inflation eased in March, with less expensive gas and food providing some relief to households that have struggled under the weight of surging prices.
WASHINGTON (AP) — After the sudden collapse of Silicon Valley Bank, California Democratic Rep. Maxine Waters started furiously working the phones to find out what was going on with the failed lender — and what would happen to its panicked depositors.
NEW YORK (AP) — The recent failures of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, may have you worried about your money. They were the second- and third-biggest bank failures in U.S. history.
NEW YORK (AP) — The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.
WASHINGTON — The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell told a Senate panel Tuesday.
WASHINGTON — President Joe Biden has decided to get out of the White House to unveil his budget this week and instead promote it in Pennsylvania, a must-win state in 2024.
WASHINGTON — For nearly a year, the Federal Reserve has been on a mission to cool down the job market to help curb the nation’s worst inflation bout in four decades.
LANSING — State fiscal experts predicted a “mild recession” looms for Michigan this year even as they reported tax revenue is coming in $1.2 billion higher than expected, leaving Democratic Gov. Gretchen Whitmer and lawmakers with a $9.2 billion surplus to expend.
WASHINGTON — For months, the outlook for the U.S. economy has been a mostly bleak one: Inflation hitting a four-decade high, consumer spending weakening, interest rates surging. Most economists penciled in a recession for 2023.
Investors found few, if any, places to safely put their money in 2022, as central banks in the U.S. and around the globe raised interest rates for the first time in years to fight surging inflation, stoking fear of a global recession.
It seems the trend of opening on Thanksgiving Day is over, with most major retailers opting to wait until Black Friday itself.
Michigan drivers will get some relief at the pump this week with gas prices coming down just in time for Thanksgiving travel, but they’ll still be at their highest rate in a decade.
People still looking to book trips home to visit family or take a vacation during the holidays need to act fast and prepare for sticker shock.
DES MOINES, Iowa — You thought you were a sure bet for Wednesday night's estimated $1.2 billion Powerball jackpot, but alas, there was no big winner.
WASHINGTON — Average long-term U.S. mortgage rates inched up this week ahead of another expected rate increase by the Federal Reserve when it meets early next month.
JAY, Maine — Across the U.S., families are looking to the winter with dread as energy costs soar and fuel supplies tighten.
WASHINGTON — The U.S. Education Department has begun accepting applications for President Joe Biden’s student debt cancellation – a plan that makes 43 million Americans eligible for at least some debt forgiveness.
WASHINGTON — Millions of Social Security recipients will get an 8.7 percent boost in their benefits in 2023, a historic increase but a gain that will be eaten up in part by the rising cost of everyday living.
GRAND RAPIDS — The West Michigan economy appears to have flattened, but has not yet contracted into a recession, according to the latest monthly survey data released by Grand Valley State University’s Seidman College of Business.
Economic insecurity is upending the lives of millions of older adults as soaring housing costs and inflation diminish the value of fixed incomes.
Gas prices across Michigan have declined for the 11th-consecutive week.
NEW YORK (AP) — Under a new plan announced by President Joe Biden, many Americans can have up to $10,000 in federal student loan debt forgiven. That amount increases to $20,000 if they qualified for Pell grants. Here’s what we know so far and what it means for people with outstanding student loans:
JACKSON HOLE, Wyoming — Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed is determined to fight inflation with more sharp interest rate hikes, which will likely cause pain for Americans in the form of a weaker economy and job losses.
WASHINGTON — President Joe Biden on Wednesday announced his long-awaited plan to deliver on a campaign promise to provide $10,000 in student debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need — along with new measures to lower the …
WASHINGTON — President Joe Biden signed Democrats’ landmark climate change and health care bill into law on Tuesday, delivering what he has called the “final piece” of his pared-down domestic agenda, as he aims to boost his party’s standing with voters less than three months before the midte…
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