Stocks plunge as inflation soars at fastest pace in 4 decades
May surge in consumer prices raises odds that the Fed will continue to sharply hike interest rates.
Economy
Soaring gas prices impact American drivers
The price of gas hit another all-time high as the national average nears $5 a gallon. Carter Evans has more on how it's affecting small business owners.
Biden hosts Day 2 of Summit of the Americas
President Biden is in Los Angeles to host leaders for the Summit of the Americas. CBS News senior White House and political correspondent Ed O'Keefe joined Anne-Marie Green and Vladimir Duthiers with a look at what we can expect.
Stocks slide as investors fret about inflation
Dow dives more than 600 points as central bankers struggle to contain spiraling food, energy and other prices.
Mortgage rates jump again, sending buyers to the sideline
Interest on a standard 30-year home loan is 5.23%, up from less than 3% a year ago, according to Freddie Mac.
Stocks fall as trading wobbles along with investor confidence
Trading remains choppy as investors try to determine how rising interest rates and inflation will impact economy.
Smaller boxes in cereal aisle? Say hello to shrinkflation.
Manufacturers are again downsizing packaging in an effort to ease the hit from inflation. Are they going too far?
OECD: War in Ukraine will drag down global economy
"The war could spark starvation. It could cause social unrest and political turmoil," OECD chief economist said.
U.S. gas prices hit record-high
Americans are paying record-high prices for gasoline as the summer travel season kicks off. CBS News correspondent Carter Evans has more on the rising gas prices. Then, John Leer, the chief economist for Morning Consult, joins Lana Zak on CBS News to discuss the U.S. economy and more.
Soaring gas prices hit new record
The national average for a gallon of gas hit $4.91. In 13 states, it's above $5 a gallon. Carter Evans has more.
Gas prices soar to new record highs
Gas prices have once again soared to a new record high. The national average for a gallon of gas is now $4.92. That’s up nearly $2 from the same time last year. CBS News correspondent Carter Evans is in Los Angeles, which has some of the nation’s highest gas prices. He joins Tanya Rivero and Elaine Quijano for more on this.
5 credit card perks that can help you fight inflation
Whether your goal is to pay off debt or save money, credit cards offer rewards and benefits that can make a difference.
Target's shares tumble after cutting orders amid inventory glut
Americans have pivoted from pandemic spending, faster than some retailers expected. Target shares tumbled in pre-market trading.
Summit of the Americas kicks off in Los Angeles
The United States is hosting the Summit of the Americas in Los Angeles. The gathering includes world leaders from across North, South and Central America. Eric Farnsworth, the vice president of Council of the Americas, joined CBS News' Lana Zak to discuss the summit.
Open: This is "Face the Nation with Margaret Brennan," June 5
This week on “Face the Nation with Margaret Brennan,” we try to understand what the country wants to see happen when it comes to new gun control laws in the wake of the Uvalde and Buffalo shootings. Plus, a look at the state of the economy and a preview of the Jan. 6 hearings.
Stocks close down despite upbeat jobs report
The U.S. added 390,000 jobs in May and unemployment remained flat at 3.6%, according to the latest jobs report from the Labor Department, but stocks closed the week in the red. CBS News' Elaine Quijano spoke with Lori Bettinger, president of BancAlliance and former director of the federal Troubled Asset Relief Program, about how this affects your paycheck.
This week on "Face the Nation with Margaret Brennan," June 5, 2022
Rep. Adam Schiff, Sen. Pat Toomey, Dr. Walter J. Koroshetz and more appear on "Face the Nation with Margaret Brennan" this Sunday.
Biden responds to Elon Musk's economic doubts
President Biden on Friday responded to Elon Musk's recent doubts about the U.S. economy, saying he wished the Tesla CEO "lots of luck on his trip to the moon." According to Reuters, Musk said in an email to Tesla executives Thursday he has a "super bad feeling" about the economy and he said in an email to employees Friday that he'll be cutting about 10% of workers.
U.S. employers added 390,000 jobs in May
U.S. employers added 390,000 jobs in May, according to the Bureau of Labor Statistics. The unemployment rate stayed at 3.6% for the third straight month. Senior economist at Glassdoor, Daniel Zhao, joined CBS News' Anne-Marie Green and Vladimir Duthiers with reaction to these latest figures.
Musk reportedly wants to cut 10% of Tesla workforce
Tesla shares fell more than 7% on a report the CEO is considering layoffs over a "super bad feeling" about the economy.
Jamie Dimon: Interest rates, war will cause economic "hurricane"
It won't necessarily be a recession, but expect a rocky road ahead, warns the JPMorgan Chase CEO.
U.S. strengthens trade ties with Taiwan
The Biden administration has announced new trade initiatives with Taiwan to strengthen economic ties, focusing on supply chains, clean energy, labor rights and technology exports. Tensions between Washington and Beijing are already high after President Biden promised to defend Taiwan if it was invaded. Shelley Rigger, a political science professor at Davidson University, joined CBS News' Elaine Quijano to discuss.
Parents facing mounting stress
Issues like the COVID-19 pandemic, an unstable economy and fear of violence are causing more parents anxiety. Dr. Howard Stevenson joins "CBS News Mornings" with more insight and information to help cope.
5/31: Red and Blue
Congress discussing bipartisan gun control bills; Biden looks to curb inflation
Layoffs hit 20-year low in April as job market stayed tight
The white-hot demand for U.S. workers cooled a bit in April, though the number of unfilled jobs remains high.
Judge orders Columbia activist Mahmoud Khalil to be deported to Algeria or Syria
A federal immigration judge has ordered Mahmoud Khalil — a former Columbia University graduate student linked to pro-Palestinian protests — to be deported.
ABC pre-empts "Jimmy Kimmel Live!" over Kimmel's Charlie Kirk comments
ABC's announcement came as media giants Nexstar and Sinclair announced they would preempt Jimmy Kimmel's show indefinitely on all their stations over his remarks.
3 police officers killed, 2 wounded in York County, Pennsylvania, shooting; suspect dead
Three police officers were fatally shot and two others were wounded in a shooting Wednesday.
Possible military helicopter crash in Washington state
Authorities were responding late Wednesday night to the scene of an apparent military helicopter crash in the vicinity of Joint Base Lewis-McChord in Washington state
Trump announces he's designating antifa as a "major terrorist organization"
President Trump late Wednesday called for investigations into alleged funders of antifa.
Charlie Kirk's accused assassin feared being shot by police, sheriff says
Washington County Sheriff Nate Brooksby held a news conference on Wednesday and went through the timeline of events, dispelling certain false reports that had been spreading online.
Exclusive
Suspect arrested for allegedly making threat against Utah college where Kirk was killed
On the same day that Tyler Robinson was formally charged with killing Charlie Kirk at a Utah university, a suspect was taken into custody for allegedly making threats against the same college.
Pentagon reviewing service members' social media posts on Charlie Kirk
Hegseth and each service secretary said posts mocking or celebrating the assassination of Charlie Kirk are unacceptable.
Cygnus cargo ship set to rendezvous with space station after delay
This comes after two planned engine firings shut down prematurely, NASA said, putting the Cygnus cargo ship's approach to the space station on hold.