Economy news
The Federal Reserve cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates helped tame inflation but that also made borrowing painfully expensive for consumers
Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September
Union organizer says fewer than 100 production workers at Joliet plant before Wednesday layoffs.
A state lawmaker from Joliet said she's been in contact with Ascension to plan a town hall “in order to provide answers to the community" regarding the Prime Healthcare acquisition.
The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates
As parking demand in downtown Oswego increases, the village has been able to keep up with the demand.
The $30 million facility in Bolingbrook is expected to open some time between Oct. 1 and Dec. 31 following the buildout of the existing site.
America’s employers delivered a healthy month of hiring in June, adding 206,000 jobs and once again displaying the U.S. economy’s ability to withstand continually high interest rates
Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said, while adding that more such evidence would be needed before the Fed would cut interest rates
A groundbreaking ceremony was held in Joliet to celebrate the construction of an Agile Cold Storage facility that will meet the rising demand for food products stored at different temperatures.
Inflation in the United States eased last month in a hopeful sign that a pickup in prices that occurred early this year may have passed.
Gas prices are once again on the decline across the U.S., bringing some relief to drivers now paying a little less to fill up their tanks.
After Federal Reserve officials meet this week, a statement they will issue may suggest that they’ve seen meaningful progress on inflation this year — a prelude to eventual interest rate cuts
America’s employers added a vigorous 272,000 jobs in May, accelerating from April and a sign that companies are still confident enough in the economy to keep hiring despite persistently high interest rates
Wednesday's report of moderating price increases may provide a dose of reassurance that inflation could be resuming its slowdown toward the Fed's target.
The nation’s employers pulled back on their hiring in April, adding a modest 175,000 jobs in a sign that persistently high interest rates may be starting to take a bigger toll on the world’s largest economy
LIV Golf tour will bring some of world's top golfers to Bolingbrook in September.
The nation’s economy slowed last quarter, growing at an annual rate of 1.6% in a sign that the high interest rates may be taking a toll on borrowing and spending.
President Joe Biden has told an audience of cheering unionized steelworkers that his administration will block the acquisition of U.S. Steel by a Japanese company
Millions of jobs that new immigrants have been filling in the United States appear to solve a riddle that has confounded economists for at least a year
But now, with the U.S. economy showing surprising vigor, a different question has arisen: Will the central bank really cut rates three times this year, as the Fed itself has predicted — or even cut at all?
America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates
A study states Fermilab spending in fiscal 2022 contributed $1.6 billion in economic output and supported 7,242 jobs in Illinois and South Dakota
The state’s two main fiscal forecasting agencies agree: Illinois’ finances will see a strong close in the final 3.5 months of the fiscal year before things tighten a bit next year.
America’s employers delivered another healthy month of hiring in February, adding a surprising 275,000 jobs and again showcasing the U.S. economy’s resilience in the face of high interest rates
Inflation has changed the way many Americans shop. Now, those changes in consumer habits are helping bring down inflation.
The economy looks set to grow 2.2% this year after adjusting for inflation, according to the National Association for Business Economics. It’s the latest signal of strength for an economy that’s blasted through predictions of a recession.
Tuesday’s report from the Labor Department showed that the consumer price index rose 0.3% from December to January, up from a 0.2% increase the previous month. Compared with a year ago, prices are up 3.1%.
Friday’s report from the Labor Department showed that last month’s job gain topped the 333,000 that were added in December, a figure that was itself revised sharply higher. The unemployment rate stayed at 3.7%, just above a half-century low.
Stocks are near record highs. Growth was surprisingly strong last year. And once-hot inflation has begun to cool. But so far, U.S. adults are feeling only slightly better about the economy.
Will County Center for Economic Development CEO Doug Pryor points to factors affecting Joliet economy including a growing Hispanic population and the average age in Joliet is 33.5-years-old.
The Federal Reserve indicated it’s nearing a long-awaited shift toward cutting interest rates, a sign that its officials have grown confident that they’re close to fully taming inflation
The latest data suggests that the economy is achieving a difficult “soft landing,” in which inflation falls back to the Fed’s target without a recession. That outcome could make it easier for the Fed to consider cutting its key interest rate.
This is the sixth straight quarter in which GDP has grown at an annual pace of 2% or more.
Economists say consumers appear to be responding to steadily slower inflation, higher incomes, lower gas prices and a rising stock market.
The S&P 500 closed Friday at a record high. Some encouraging data came Friday after a preliminary report from the University of Michigan suggested the mood among U.S. consumers is roaring higher.
Friday's report from the Labor Department showed that December’s job gain exceeded the 173,000 that were added in November. The unemployment rate was unchanged at 3.7 percent, the 23rd straight month that joblessness has remained below 4 percent.
Much more than warehouses in the economic development pipeline
The S&P 500 closed out 2023 with a gain of more than 24% and the Dow finished near a record high, as easing inflation, a resilient economy and the prospect of lower interest rates buoyed investors, particularly in the last two months of the year
The stock market ended November with its biggest monthly gain in more than a year. Oil prices have also been falling, as have gasoline prices in the U.S., relieving pressure on consumers.
Entepreneurs say Small Business Saturday has captured the buying public's imagination.
Nurses in Joliet were on strike for the second time in three months as contract negotiations between the union and Ascension continue to drag on. The nurses' contract expired on July 19
During its history, Chignoli Auto Sales moved several times in the Joliet area before landing in its current location at 1850 Essington Road, Joliet, where it has remained for the last couple of decades.
The Commerce Department said the economy expanded last quarter at the fastest pace in nearly two years — and more than twice the 2.1% annual rate of the previous quarter.
Nurses at Ascension Saint Joseph hospital in Joliet will vote whether to go out again. New issue over privacy arises in contract negotiations.
The Back to Business grant program provides recovery grants for businesses in the hardest-hit industries. The state has provided more than $535 million to more than 15,000 businesses since March 2020.
First Secure Community Bank of Joliet is part of the First Secure Bank Group which now has 18 banking centers throughout the Chicago area located primarily in Sugar Grove, Aurora, Naperville, Joliet, and Morris.
The U.S. economy accelerated unexpectedly to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16-month-long fight against inflation
The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of strength in an economy that the Federal Reserve is desperately trying to cool.
A key test will come Tuesday afternoon when the House Rules Committee is scheduled to consider the package and vote on sending it to the full House for a vote expected Wednesday.