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Tag: Inflation

  • Leavitt accuses CNN reporter of trying to ‘push narratives’ during heated White House exchange

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    White House press secretary Karoline Leavitt clashed with reporters over inflation during Thursday’s briefing, accusing CNN’s Kaitlan Collins of trying to “push narratives.”

    Collins pressed Leavitt to explain President Donald Trump‘s apparent mixed messaging regarding the economy, saying at one time that it was booming while at other times recommending parents pare back on Christmas gifts.

    “Inflation is down from where it was. As measured by the overall CPI, it has slowed to an average 2.5% pace,” Leavitt said as Collins began to try to interject.

    “This is down from what the president inherited. The president inherited 2.9% in January. Today, it’s at about 2.5%, so we’re trending in the right direction,” Leavitt continued. “And I would remind you, when President Trump left office in his first term, inflation was 1.7%, and the previous administration jacked it up to a record-high 9%.”

    TRUMP APPROVAL CLIMBS AS REPUBLICANS RALLY BEHIND PRESIDENT’S AFFORDABILITY AGENDA: POLL

    White House Press Secretary Karoline Leavitt holds a press briefing at the White House in Washington, D.C., U.S., November 20, 2025.  (Reuters/Evelyn Hockstein)

    “In 10 months, the president has clawed us out of this hole, he’s kept it low at 2.5%, and we believe that number is going to continue to decline,” Leavitt added.

    “Nobody is saying it wasn’t high under Biden,” Collins argued. “They’re just saying virtually [unchanged].”

    “Nobody reported it on being high under Biden. My predecessor was standing up here at this podium, but now you want to ask me a lot of questions about it, which I’m happy to answer, but I will just add, there’s a lot more scrutiny on this issue from this press corps than there was,” Leavitt said.

    TRUMP INSISTS PRICES ARE ‘COMING DOWN,’ BLAMES BIDEN – BUT VOTERS SAY THEY’RE STILL GETTING SQUEEZED

    “My predecessor stood up at this podium and she said inflation doesn’t exist. She said the border was secure,” Leavitt continued incredulously. “And people like you just took her at her word, and those were two utter lies. Everything I’m telling you is the truth backed by real factual data, and you just don’t want to report on it because you want to push untrue narratives about the president.”

    Affordability has become a flashpoint heading into next year’s midterms, with Republicans now fine-tuning their messaging on the economy after a slew of Democrats won elections in 2025 running on a platform focused on lowering costs.

    President Trump at a meeting with business leaders

    President Donald Trump has insisted that the economy is going in the right direction. (Andrew Caballero-Reynolds/AFP via Getty Images)

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    Trump told Politico in an interview earlier this week that he would give his economy an “A-plus-plus-plus-plus-plus” grade, but a November Fox News national survey found that some 76% of voters reported they view the economy negatively, up from the 67% who reported the same in July, and up from the 70% who said the same at the end of former President Joe Biden‘s term.

    Fox News’ Alex Schemmel contributed to this report.

    Anders Hagstrom is a reporter with Fox News Digital covering national politics and major breaking news events. Send tips to Anders.Hagstrom@Fox.com, or on X: @Hagstrom_Anders.

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  • Trump says U.S. prices are “coming down tremendously.” Here’s what the data shows.

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    President Trump delivered a message Tuesday evening aimed at the millions of Americans struggling to afford daily necessities, saying his administration is “crushing” inflation and that “prices are coming down tremendously.” Economic data tells a different story. 

    Prices have edged higher for much of Mr. Trump’s first year back in the White House, with inflation in September rising at an annual rate of 3% (the most recent available inflation data because of the recent U.S. government shutdown).

    Inflation dipped to a low this year of 2.3% in April, but it has steadily ticked up since then and now stands at the same rate as in January, when Mr. Trump was inaugurated, federal data shows. Economists attribute the rise partly to the Trump administration’s new tariffs on imports, with Federal Reserve Chair Jerome Powell pointing to those levies as a key factor behind the recent uptick.

    Inflation now “is higher than earlier in the year as inflation for goods has picked up, reflecting the impact of tariffs,” Powell said at a press conference on Wednesday to discuss the central bank’s latest interest rate cut.

    Some Wall Street analysts think prices are likely to continue creeping up for a while. Mark Vickery, senior market analyst at Zacks Investment Research, estimates that the Consumer Price Index rose at an annual rate of around 3.3% in November. 

    To be sure, many economists, as well as the Fed, expect any additional pickup in inflation to be short-lived before easing in 2026. Powell on Wednesday said the tariff effect will likely create a one-time rise in prices that should fade over the coming year. The Fed expects inflation to recede to 2.4% next year, down from about 2.9% in 2025.

    From a longer-term perspective, inflation has indeed fallen sharply since hitting a 40-year high of about 9% in June 2022 in the aftermath of the pandemic. For shoppers, however, a lower inflation rate doesn’t mean prices are declining — only that they’re rising at a slower pace. 

    Consumers tend not to view pocketbook issues through the lens of official inflation measures, a somewhat abstract metric that tracks price fluctuations over time, experts have long noted. Instead, many shoppers focus on their actual dollars-and-cents spending, including whether their out-of-pocket expenses are higher than they were in the past, according to research from the University of Florida. 

    By that yardstick, Americans are spending more on everyday basics than they were a year ago, and far more than they did just before the pandemic, CPI data shows.

    Mr. Trump’s remarks, made Tuesday in Mount Pocono, Pa., came as his administration touts the president’s economic policies ahead of next year’s midterm elections. 

    “I have no higher priority than making America affordable,” Mr. Trump said in the speech.

    Prior to the speech, Mr. Trump had decried affordability as a “hoax” perpetuated by Democrats, although some Republicans, including Rep. Marjorie Taylor Greene, have differed with him on the issue. Greene told CBS News that she doesn’t believe affordability is a hoax, adding, “Everyone’s bills have either stayed the same or gone up.”

    “You can’t gaslight people and tell them that their bills are affordable,” Greene said.

    White House spokesman Kush Desai expressed confidence that Mr. Trump’s agenda will cool inflation and boost worker wages.

    “President Trump inherited the worst inflation crisis in a generation from Joe Biden’s incompetence, and his Administration has rapidly cooled inflation to a 2.5% annualized rate,” Desai said in a statement to CBS News. “As the administration’s supply-side policies of tax cuts, deregulation and energy abundance continue taking effect, Americans can count on inflation continuing to fall and real wages continuing to rise.”

    Food 

    Americans paid 2.7% more for food bought at the grocery store in September than they did a year earlier, according to the most recent CPI figures. That may not seem like much, but their grocery bills have climbed roughly 49% since 2020. 

    • See the CBS News price tracker showing changes in the price of food, gas, utilities and other costs

    Some food costs are also rising much faster than the rate of inflation, with beef steaks surging almost 17% from a year ago, according to the CPI data. Earlier this month, the Trump administration sought to lower some grocery prices by exempting foods like beef, coffee and bananas from new country-specific tariffs.

    Shoppers on Tuesday told CBS News’ Nancy Cordes that they are making tradeoffs and scrimping to afford groceries.

    “The cost of beef is astronomical. I will mainly get what’s on sale,” Anne Marie Hadley, a retired special education teacher who was shopping Tuesday at Schiel’s Family Market, a family-owned grocery store in Scranton, Pa., told Cordes. 

    Housing

    While mortgage rates have dropped this year, housing remains out of reach for most would-be buyers. More than 75% of homes across the country are unaffordable for the typical household, Bankrate said in a report this week. 

    A homebuyer today needs to earn $131,400 a year to afford a typical home in the U.S. — almost double the roughly $65,000 needed five years ago, according to the Federal Reserve Bank of Atlanta. 

    Almost three-quarters of Americans said housing has grown more unaffordable in their communities in recent years, according to an October poll from YouGov and the University of Florida Center for Public Interest Communications. 

    Gas

    One area where consumers are getting a break is at the pump, with gasoline prices down from a year earlier. Gas declined 0.5% in September from a year earlier, CPI data shows. And earlier this month, gas dropped below $3 a gallon on average, marking the lowest price since May 2021. 

    “It was just reported that four states had $1.99 a gallon,” Mr. Trump said on Tuesday. “We are right now involved in more energy, and have more energy in the works by far than we’ve ever had before.”

    The decline is due to strong refinery output and lower crude oil prices, as well as to softer seasonal fuel demand, GasBuddy has said. 

    Yet while fuel prices have dropped, other energy costs have increased. Residential electricity prices around the U.S. rose more than 10% over the first eight months of 2025, according to the National Energy Assistance Directors Association, an educational and policy organization. By comparison, power costs rose roughly 6% over the trailing 12 months. 

    As of June, nearly one in 20 U.S. households was seriously behind on their utility bills, according to a report from The Century Foundation, a nonpartisan think tank, and advocacy group Protect Borrowers. Over the last three years, the average overdue balance on utility bills climbed from $597 to $789, a 32% jump, the groups found. 

    — With reporting by CBS News’ Nancy Cordes.

    Edited by

    Alain Sherter

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  • Federal Reserve lowers its benchmark interest rate by 0.25 percentage points in third straight cut

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    The Federal Reserve on Wednesday cut its benchmark interest rate by 0.25 percentage points, bringing the federal funds rate to its lowest level in more than three years.

    The reduction lowers the federal funds rate — what banks charge each other for short-term loans — to between 3.5% and 3.75%, down from its prior range of 3.75% to 4%. The Fed’s decision marks the third consecutive rate cut since September, lowering the federal funds rate by a total of 0.75 percentage points this year.

    Despite the lack of key government economic data because of the recent U.S. government shutdown, the Fed has been closely monitoring the slowdown in monthly job growth as well as rising inflation. Figures from ADP, which tracks private payrolls, showed that employers shed 32,000 jobs in November, a signal of continuing headwinds in the labor market.

    Fed hints at one rate cut in 2026

    But in announcing the decision, the Federal Reserve signaled that it may want to see more economic evidence to support additional rate cuts in 2026. In quarterly economic projections issued along with their latest statement, Fed officials signaled they expect to lower rates just once next year.

    “In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook and the balance of risks,” the Federal Open Market Committee, or FOMC, said in its statement. 

    Speaking about the decision in a press conference on Wednesday afternoon, Fed Chair Jerome Powell said the central bank is “well positioned to wait to see how the economy evolves” before deciding on another cut.

    “We’re going to get a great deal of data between now and the January meeting — the data we get will factor into our thinking,” Powell said, referring to the delayed November inflation and job reports that will be issued later this month. “We’re well-positioned to wait and see.”

    The Federal Reserve also issued new U.S. inflation, economic growth and unemployment projections for 2026, forecasting that inflation will cool slightly next year while unemployment will remain unchanged from its current level of 4.4%. 

    Fed officials forecast that Personal Consumption Expenditures, the Fed’s favored inflation gauge, will cool to 2.4% next year, down from its median estimate of 2.9% in 2025. The nation’s gross domestic product could pick up to 2.3% in 2026, an acceleration from the Fed’s September forecast of 1.8%.

    Ryan Sweet, chief global economist at Oxford Economics, said the latest Fed guidance sets it up for what he described in a note to investors as an “extended pause” in cutting rates.

    “The Fed isn’t going to be able to help the labor market because of what ails it,” he added. “Rate cuts are unlikely to significantly boost the hiring rate, which is being depressed by overhiring, solid productivity growth, policy uncertainty, a rise in people with multiple jobs and less immigration. Monetary policy can’t solve many of these issues.”

    The move lowers the federal funds rate to its lowest level since early November 2022, when policymakers lifted the range to 3.75% to 4%. At that time, the central bank was boosting rates — its most potent tool for curbing inflation — as inflation surged during the pandemic.

    By cutting rates, the Fed is acting to spur hiring by making credit cheaper, allowing businesses to expand and hire at a lower cost. Consumers, meanwhile, tend to spend more when financing is less expensive, giving the broader economy an extra lift.

    FOMC dissents

    Not all members of the FOMC, the Fed’s rate-setting panel, agreed with the move to cut by a quarter point. While Fed Chair Jerome Powell was joined by eight other committee members in voting in favor of the reduction, three members dissented, the Fed said. That represents the most dissents in six years and is a sign of divisions on a committee that traditionally works by consensus. 

    FOMC members Austan Goolsbee and Jeffrey Schmid voted to maintain the previous range, while Stephen Miran voted in favor of a 0.5 percentage-point cut.

    At the same time, the Fed is moving toward a leadership shift next year, with Powell set to end his term as chair in May 2026 and President Trump preparing to nominate his replacement.

    “[T]he outlook from the Powell-led FOMC bears less than usual on future Fed policy decisions given the imminent change in leadership,” Jeff Schulze, head of economic and market strategy at ClearBridge Investments, said in an email.

    Asked what his goals are during the last months of his term as chair, Powell said he’s focused on the U.S. economy.

    “I want to turn over this job to whoever replaces me with the economy in really good shape,” he said. “All my efforts are to get to that place.”

    Edited by

    Alain Sherter

    The Associated Press

    contributed to this report.

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  • Instawork Year in Flexible Labor 2025: Inland Markets Surge as Coastal Affordability Tightens

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    SAN FRANCISCO, December 10, 2025 (Newswire.com)
    –
    Instawork today released The Year in Flexible Labor 2025, an annual view of the real-time labor dynamics that shaped local economies this year.

    Based on millions of completed shifts across 150 markets, the real-time data shows affordability as the dominant force determining where businesses operate and where workers choose to earn. While major markets remained the busiest for total shifts, inland regions, particularly parts of North Carolina, Ohio, and Tennessee, saw the fastest acceleration in demand. This aligns with recent Census data showing that the fastest-growing U.S. metros were in Southern and inland markets.1

    Logistics and manufacturing operations show a similar pattern. A 2025 study of 50 U.S. metro areas found that warehousing and distribution activity has increasingly re-concentrated in inland and mid-sized markets rather than coastal hubs, driven by land availability, operating costs, and proximity to regional supply chains.2 Instawork’s flexible labor data captures this trend in real-time.

    Key Insights From Instawork Year in Flexible Labor 2025

    1. Affordability Increased Staffing Pressure

    Several major markets continued to show the largest demand for flexible work, but affordability challenges intensified sharply in 2025:

    San Francisco and Seattle recorded the widest wage-inflation gaps, with real wages falling further behind the cost of essential goods.3

    That pressure coincided with population and cost trends in inland markets where wage growth held closer to inflation and operating costs remained more stable.

    2. Inland Metros Drove the Fastest Shift Growth

    As affordability tightened in coastal markets, inland regions captured the strongest gains in flexible labor activity, reflecting broader economic and population expansion in the South and Midwest. Raleigh-Durham led the way with a surge in flexible labor demand followed by Nashville, New York, Columbus, and Dallas.

    Instawork Year of Flexible Work 2025: The Inland Surge
    Inland Metros Drove the Fastest Shift Growth

    3. Core Operational Roles and Midweek Demand Held Steady

    General labor, warehouse work, back-of-house kitchen roles, and event staffing were in the highest demand throughout 2025, with businesses leaning on flexible staffing to manage an uncertain business environment.

    Wednesdays, Thursdays, and Tuesdays (in that order) remained the busiest shift days, giving workers predictable midweek opportunities, while maintaining schedule and income flexibility.

    4. Wage Movement by Occupation

    Role-level wage trends varied, reflecting local cost pressures and staffing needs. Merchandisers saw the strongest wage growth, followed by brand ambassadors, security personnel, and entry-level warehouse workers. Hotel housekeepers, food service workers, and forklift drivers experienced slight declines.

    Instawork Year in Flexible Labor 2025: Wage Growth by Occupation
    Wage Movement by Occupation

    2025 Totals at a Glance

    Top 5 most requested roles:

    General Labor, Warehouse Associate, Line Cook, Event Server, Dishwasher

    Fastest-growing markets:

    Raleigh-Durham, Nashville, New York, Columbus, Dallas

    Peak shift days:

    Wednesday, Thursday, Tuesday (in order)

    Average fill rate: 95%

    Stat of the Year

    Raleigh-Durham’s 50% shift growth and North Carolina’s broader population gains reflect a structural rise in inland economic activity, consistent with population and supply chain operations growth.1 2

    Signals for 2026

    Inland momentum will grow as businesses seek more predictable and lower-cost markets.

    Wages and role demand will continue to vary as businesses respond to global economic uncertainty and cost pressures, which impact staffing needs.

    Flexible staffing will continue serving as an affordability hedge, allowing operators to match labor to demand in real-time.

    Major markets with improving wage-inflation alignment (e.g., New York, Atlanta) may become more attractive for logistics and hospitality expansion.

    1. U.S. Census Bureau, “Metro Area Trends” (2025) and “Vintage 2024 Population Estimates”, showing growth in 88% of U.S. metros and fastest growth concentrated in Southern/inland cities.

    2. ScienceDirect (2025), “Re-concentration of logistics activities across 50 U.S. metros,” documenting the inland/mid-sized shift in warehousing and distribution activity.

    3. Instawork’s Quarterly Wage Index, December 2025

    About Instawork

    Instawork’s mission is to create economic opportunities for businesses and hourly workers across the globe. As the leading AI-powered marketplace for hourly labor, Instawork connects light industrial, hospitality, retail, and robotics companies to skilled workers, turning staffing agility into a competitive advantage. Instawork helps more than nine million workers earn on their terms while developing valuable skills.

    Backed by leading investors such as Benchmark, Craft, Greylock, and Spark Capital, Instawork is redefining how businesses stay resilient and how people work.

    Source: Instawork

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  • Holiday Paychecks Shrink Fastest in San Francisco and Seattle; New York and Atlanta Workers Show Most Wage Resilience

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    New Analysis Reveals Real Hourly Pay is Falling Double-Digits Behind Inflation in Major Metros, Fueling a Localized Affordability Crisis and the Most Geographically Uneven Holiday Earnings Season Since the Pandemic


    SAN FRANCISCO, December 2, 2025 (Newswire.com)
    –
    As businesses gear up for the holiday rush, a new Instawork analysis reveals the widest affordability declines are now concentrated in San Francisco and Seattle, where real hourly pay has fallen furthest behind inflation since early 2022.

    By contrast, Atlanta and New York have swung into positive real-wage territory, making them the most affordable major metros heading into the holidays. Chicago sits squarely in the middle, though worsening year-over-year.

    Pay Index Winners and Losers

    Hourly wages on Instawork have risen 13.65% since February 2022, but inflation rose faster – 14.81% – confirming that real wages nationally have slipped behind rising prices.

    But, importantly, the national average masks a hyper-local labor market reality: These affordability challenges vary dramatically by metro area, widening the gap between what workers earn and the price of everyday essentials.

    How to Read the Data:

    The percentages represent the gap between local wage growth and inflation (Consumer Price Index or CPI) since early 2022.

    Specifically:

    A negative number = wages are losing to inflation.

    A positive number = wages are outpacing inflation.

    Hardest-Hit Markets: Largest Declines in Real Purchasing Power

    Here’s where the gap between wage growth and inflation has widened the most since February 2022 – and where workers are staying closer to even.

    San Francisco: -18.94%
    Now the most expensive major metro. Affordability eroded sharply over the past year, driven by elevated services inflation and cooling wage growth in events and logistics.

    Seattle: -14.91%
    Still deeply underwater. Tech-sector cooling and softer warehouse demand slowed wage gains while living costs continued to rise.

    Middle Tier: Real Wages Eroding, But Not Collapsing

    Chicago: -9.97%
    Real earnings are slipping faster year over year. Wage growth has not kept pace with local prices, particularly across warehouse and hospitality segments.

    Most Resilient Markets: Real Purchasing Power Improving

    Atlanta: +5.34%
    One of the few markets beating inflation. Strong logistics infrastructure, film production cycles, and warehouse competition are pushing wages ahead of prices.

    New York City: +1.40%
    One of the biggest turnarounds in the country. Wage growth has finally overtaken inflation, boosted by hospitality demand, warehousing activity, and sharper peak-season staffing discipline.

    “The labor market isn’t one story – it’s five very different ones,” said Ashwin Somakur, Senior Economics Analyst at Instawork. “In some cities, a paycheck stretches less than ever. In others, wages are finally beating inflation. That split is changing how businesses staff – and how workers earn – in real time.

    “Where affordability gaps are widest, companies are leaning on flexible labor to stay agile, and workers are taking extra shifts to keep up. It’s the clearest sign yet that flexibility is no longer optional – it’s the adjustment mechanism in a high-cost economy.”

    Signals for 2026: What the Wage-Inflation Gap Suggests for the Year Ahead

    Instawork’s analysis points to three early trends that could shape local labor markets in 2026.

    1. Stable Wages May Attract New Investment

    Cities like Atlanta and New York, where real wages have held steady with inflation, could become more attractive for logistics, hospitality, and events investment next year. Stable real wages often signal a healthier, more predictable balance between labor supply, demand, and pricing pressure.

    2. Flexible Staffing as a Volatility Hedge

    As businesses face unpredictable consumer spending and cost pressure, more are relying on shift-based staffing to precisely match labor to real-time demand. This allows employers to stay responsive without the risk of committing to permanent headcount changes.

    3. Real-Time Staffing is the New Competitive Advantage

    Instawork filled ~95% of shifts in 2025, often within hours – giving operators a clear, fast way to match labor to real-time needs and compete in unpredictable markets.

    About the Instawork Quarterly Pay Index

    The Quarterly Pay Index measures the relationship between hourly wages and consumer prices across key U.S. metros, providing one of the most accurate real-time views of current labor market dynamics. All series are indexed to February 2022 (100), with real-wage change calculated as wage growth minus the Consumer Price Index (CPI). Data sources include Instawork transactions (2022-2025), and The Bureau of Labor Statistics, including the Employer Cost Index and Consumer Price Index.

    About Instawork

    Instawork is the leading AI-powered marketplace in the U.S. and Canada, connecting local businesses with more than nine million skilled hourly professionals across hospitality, industrial, and retail. With its network of verified professionals and industry-leading trust and safety, Instawork helps companies like DoorDash, Hilton, Alibaba, and Walmart scale staffing with speed and confidence.

    Our top-rated app attracts the largest pool of talent by offering flexibility, competitive pay, and meaningful opportunities for advancement – keeping businesses fully staffed and operational in fast-changing labor markets.

    Source: Instawork

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  • Venezuelans Worried About Economic Turmoil Shun Black Friday Deals

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    CARACAS, Venezuela (AP) — Window displays advertising 30% discounts and shoes for $20 were not enough to draw throngs of bargain hunters this Black Friday to a popular mall in Venezuela’s capital. Even the newly opened H&M store was virtually empty in the morning.

    The country’s suffocating economy, Venezuelans said, not the threats of U.S. military action, is to blame for Friday’s stark contrast to other post-pandemic years when enthusiastic shoppers formed lines outside stores. Years of experiences riding the twists and turns of their country’s complex crisis have taught them to focus on their immediate individual needs, like buying food or medicines, and not the collective long term, like a possible military strike.

    “The country’s economy is based on day-to-day survival. What do I do to survive today and live tomorrow?” physician Luisa Torrealba said outside an appliance store. “We don’t have the luxury of stopping because there’s going to be a war, because there’s a psychological war going on, because the government says one thing or the United States says another.”

    A day earlier, U.S. President Donald Trump increased pressure on his Venezuelan counterpart, Nicolás Maduro, by suggesting during a Thanksgiving address to troops that the military could “very soon” begin hitting alleged drug-trafficking targets within the South American country. So far, a monthslong U.S. military operation has killed 80 people in strikes against vessels in international waters in the Caribbean and eastern Pacific.

    Since returning to office, Trump has increased the pressure on Maduro and his allies, including by doubling to $50 million the reward for information that leads to his arrest on narcoterrorism charges. Maduro, who denies the accusations, and his allies have repeatedly said that the U.S. military operation is designed to force a government change in Venezuela.

    But while White House evaluates if and when to strike on Venezuelan soil, the country’s economy continues to suffer and millions of Venezuelans struggle to buy food.

    Families these days need more than $500 to buy the basics for a month. Yet, Venezuela’s monthly minimum wage of 130 bolivars, or $0.52, has not increased since 2022, putting it well below the United Nations’ measure of extreme poverty of $2.15 a day.

    Many public sector workers survive on roughly $160 per month, while the average private sector employee earned about $237, according to the independent Venezuelan Observatory of Finances.

    On Friday, Marian García expected to see a crowd outside a shoe store at the mall in Caracas where she wanted to buy a pair of boots. But she found herself being the first in line.

    The store’s windows promised shoes for $20, an unbeatable deal for García, who had set her eyes on boots that regularly range from $60 to $80, or more than 10% of the monthly combined income with her partner.

    “It’s difficult to indulge in luxuries,” García, 26, said. “Due to the current economic situation, people are cutting back and only spending on the essentials, such as food.”

    Yarbelis Revilla, who works three jobs and considers herself a master bargain hunter, also looked around the mall for deals on shoes. She checked out offers at different stores but in the end felt that many of this year’s Black Friday discounts did not feel like a steal.

    Amid the country’s conditions, Revilla explained that looking for shoes may seem like “vanity,” but she works hard to meet her needs and does not dwell on the future.

    “I am a Christian, and the Bible says, ‘Do not worry. Do not make plans for the future because you won’t really know what’s coming,’” she said.

    Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    Photos You Should See – Nov. 2025

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  • Black Friday shoppers spend more time looking for deals but less money amid economic angst

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    Black Friday shoppers flocked to stores, hoping to get more bags for their buck as they grapple with inflation, tariffs and anxiety about the health of the economy.

    Citadel Outlets in Commerce was mobbed Friday morning with long waits for parking and winding lines in front of stores as consumers tried to grab good deals. Camila Romero and her 13-year-old daughter spent hours in line trying to get the best possible deals on Ugg and Coach items on their wish lists.

    “You come to the Citadel because it’s outlets. And it’s discounts on top of that,” she said. “So even when you’re broke, you don’t feel it.”

    Shoppers across Los Angeles plan to spend less this holiday season, data show. While retailers tease their biggest deals and prepare for what they hope is robust demand, a Deloitte survey found that Angelenos plan to spend 14% less over the holidays compared with last year.

    Nationally, shoppers are expected to spend 10% less than last year.

    Consumers are pulling back on spending in response to economic uncertainty and rising prices, said Rebecca Lohrey, a partner at Deloitte with expertise in retail and e-commerce.

    “There is at least a perception of higher prices and higher costs of goods,” Lohrey said. “That is a concern for consumers across the board, and is one of the reasons they’re tightening their wallets a little bit.”

    The survey found that 62% of Angelenos expect the economy to weaken in the year ahead, up from 34% in 2024. Around the same percentage of respondents said they are concerned about a potential recession in the next six months.

    Across income groups, consumers are making cost-cutting trade-offs and putting more emphasis on finding the best deal, the data showed. More than half of Los Angeles respondents said they would switch brands if their first choice was too expensive.

    “It tends to be the lower income brackets or the middle income brackets that are the most likely to trade down,” said Collin Colburn, vice president of commerce and retail media at the Interactive Advertising Bureau. “This year, actually, everyone is trading down.”

    Camryn Smith and her daughter showed up to snoop around for the deals at the Americana at Brand in Glendale early Friday morning. The discounts help knock off some of the effect of inflation, she said.

    “The prices are higher and they just bring them down to what they normally would be,” Smith said. “It’s crazy.”

    Consumers are fatigued from continuous inflation and instability brought on by the Trump administration. More shoppers are regifting or considering giving homemade gifts, the Deloitte survey found.

    “We’ve been in an environment where prices continue to rise for a host of reasons, inflation being one, tariffs being another,” Colburn said. “I think when that happens year on year, it really drags on the consumer.”

    This means more shoppers are looking for ways to save on purchases — and presents — they cannot put off.

    The National Retail Federation predicts that a record number of Americans will shop the sales over Thanksgiving weekend. Retail sales in November and December are expected to grow between 3.7% and 4.2% compared with last year, the federation said.

    Cautious consumers are more eager than ever to find a hot deal, said NRF chief economist Mark Mathews.

    “People are changing the way that they spend,” he said. “They’re focusing more on stretching their dollar and getting value for the dollar.”

    Even shoppers spending more than usual may be doing it out of concern, economists say. Consumers who anticipate inflation sometimes spend now out of fear that prices will rise later.

    Brooklyn Farmer braved the crowds at Citadel to shop and try to save amid inflation.

    “People are struggling right now, but the holidays are still important to them,” he said. “The thinking is if there’s going to be discounts like this, I might as well go while I can, instead of spending more later.”

    Of those surveyed by Deloitte in Los Angeles, 43% said they planned to spend most of their holiday budget at big-box retailers and 32% said they would spend the most at digital-first retailers.

    Shoppers are also using new tools to help them find products and deals, including artificial intelligence. Data collected by the Interactive Advertising Bureau found that AI now ranks as the second-most influential shopping source, ahead of retailers’ websites and apps and behind only search engines.

    Nearly 90% of shoppers nationally said AI helps them find products they wouldn’t have found otherwise, according to the IAB data.

    Mattel, the El Segundo-based toy company, is offering up to 50% off at Target on Hot Wheels, Barbie dolls and Disney Princess toys, said company spokesperson Kelly Powers.

    “Mattel is working closely with retailers across the country on Black Friday deals,” Powers said.

    In May, Mattel said it was considering raising its prices to offset the effect of President Trump’s tariffs on China..

    On the October earnings call, however, the company said the full effect of tariffs won’t be seen until the fourth quarter.

    Discount retailers that depend heavily on foot traffic have given conflicting signals about their business.

    Walmart recently raised its sales forecast for the year after reporting a 6% year-over-year increase in revenue in the third quarter.

    Target, in contrast, missed analyst expectations and reported a 1.5% decline in sales in the third quarter. On a call with analysts earlier this month, Target Chief Executive Brian Cornell said the company “has not been performing up to its potential.”

    Of course, for many shoppers on Friday, the pilgrimage to splurge at the local mall was about more than saving.

    Ericka Pentasuglia brought her daughter to the Americana the Brand at around 3 a.m. to be the first in line for a pop-up store selling Billie Eilish perfume. She thought it was important for her to pass down the tradition of Black Friday shopping.

    “I do feel like it is dying a little bit,” Pentasuglia said. “The best thing is that you don’t lose a tradition, it continues to your children.”

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  • Employee Holiday Wishes Include More Money and New Jobs. Here’s How to Handle It

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    Though holiday season spirits are usually merry and bright, concerns about the economy and labor market are leaving many people feeling a lot gloomier. In addition to surveys reflecting how tough it has become to land a new job, a huge majority of employees questioned also said their current work doesn’t pay enough to keep up with the cost of living. Business owners should know their companies aren’t the only ones pulled by economic riptides.

    A recently released poll of 1,200 employees by job posting platform Monster found a whopping 95 percent of respondents reporting their “wage has not kept up with inflation,” and no longer covers their fixed living costs. Only 9 percent of those participants said they’d received a raise in recent months to help them keep pace with rising prices. That led 75 percent of workers questioned saying they’d cut out nonessential expenses — up from 64 percent this time last year — and 42 percent saying they’d taken on debt to finance spending they had made.

    In response to that financial pinch, 56 percent of poll participants said they’d begun looking for higher paying work to stay above water. Yet at the same time nearly 70 percent of respondents acknowledged it has gotten harder to find new opportunities — up from 57 percent last year. Meanwhile, another 50 percent said they worried about losing the jobs they have, as employers cut costs and reconfigure workforces. The reduced headcounts and increased workloads can amplify feelings of burnout and hurt productivity.

    Those concerns are backed up results of other surveys. For example, 49 percent of employees answering a poll by remote and hybrid work posting platform Flexjobs said they were worried being laid off. Moreover, 26 percent of those respondents said fears about losing their jobs were higher than they were just six months ago.

    But that doesn’t mean participants — many of whom complained of burnout, blocked career advancement, or pay levels outstripped by inflation — are enthusiastic about the jobs they have. Fully 93 percent of participants said they’d be eager to ditch current employers for more fulfilling opportunities or increased pay, but acknowledged under acute financial pressures made them stay put.

    A similar willingness to seek jobs paying above cost of living levels voiced in the Monster survey led authors of the report on its findings to warn employers that those attitudes may eventually affect staff stability if left unaddressed.

    “With nearly all workers reporting that their wages are not keeping pace with inflation, the cost-of-living crisis is redefining both financial stability and career choice,” the report noted, warning the survey’s results underlined a “disconnect between wages and economic reality” today.

    “Employees are increasingly open to leaving jobs for higher pay, while financial stress is contributing to lower productivity and higher burnout,” the report continued. “For employers, this signals an urgent need to revisit compensation strategies, benefits, and support systems — or risk losing talent to competitors.”

    There is a caveat in that, however — and it’s a big one for employers.

    Company hiring rates have been virtually flat since May. And despite the most recent data in August showing the unemployment rate was a relatively low 4.3 percent, anemic job creation has most employees hanging on tightly to keep work they have. Trading up for higher wages or better career opportunities is no longer an option for most people.

    Meanwhile, if the labor market looks grim for workers who already have jobs, it’s even more foreboding for people entering the labor market, especially recent college graduates and students preparing to pocket their diplomas.

    According to a recent survey by the National Association of Colleges and Employers, companies that have been slashing entry-level positions and using artificial intelligence tools to perform those work tasks iaren’t expecting to reverse course soon.

    The organization’s poll found “employers are projecting just a 1.6 percent increase in hiring for the Class of 2026 when compared to the Class of 2025,” a report on the results said. As a result, 51 percent of business respondents evaluated the current labor market for those younger job hunters as either poor or fair — the highest level since 2020 when 65 percent participants described it that way.

    As a result, a lot of people may be putting finding a new job, or hanging on to the one they have, at the very top of their holiday wish lists, but without being terribly confident they’ll get what they want.

    The final deadline for the 2026 Inc. Regionals Awards is Friday, December 12, at 11:59 p.m. PT. Apply now.

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  • US retailers are about to see if Black Friday benefits from a holiday halo effect

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    NEW YORK — NEW YORK (AP) — Black Friday bargains no longer tempt people to leave Thanksgiving tables for midnight mall runs. Brawls in store aisles over toys and TVs with limited-time discounts are spectacles of holidays past. Online shopping and retailers launching discounts weeks before the turkey feast subdued that kind of fervor.

    But the sales event still has enough enthusiasts to make the day after Thanksgiving the one when U.S. stores get the most shoppers coming in the door. For that reason, Black Friday still rules as the unofficial start of the holiday shopping season.

    This year’s kickoff comes as consumer confidence in the U.S. economy fell this month in the aftermath of the federal government shutdown, weak hiring and stubborn inflation, according to a report The Conference Board issued Tuesday.

    Many retail executives have reported customers becoming more discerning and increasingly focused on deals while at the same time remaining willing to splash out for important occasions like the start of the school year and the winter holidays, creating a halo effect.

    “Consumers have been saying the economy is terrible while continuing to spend for years now, so the outlook is probably better than they are telling us,” Bill Adams, the chief economist at Comerica Bank, said this week of shoppers’ moods heading into Black Friday. “But business surveys also report consumers are being more sensitive to prices and selective in spending.”

    While planning for the holidays in the spring and summer, retail companies were wrestling with the volatility of President Donald Trump ’s wide-ranging tariffs on imported goods. Many accelerated shipments of some merchandise before the tariffs took effect or decided to absorb some of the import tax costs instead of raising prices for customers.

    Market research firm Circana said that 40% of all general merchandise sold in September saw a price increase of at least 5% compared with the first four months of the year.

    Toys, baby products, housewares, and team sports equipment were among the hardest hit categories. For example, 83% of toys sold in September saw an increase of at least 5%, Circana said. Industry group The Toy Association says nearly 80% of the toys sold in the U.S. are made in China, a country the Trump administration hit with especially high tariffs at various points this year.

    Still, analysts and mall executives cited solid momentum heading into Black Friday week. At the Mall of America in Bloomington, Minnesota, foot traffic in recent weeks surpassed the numbers from pre-pandemic 2019, said Jill Renslow, the mall’s chief business development and marketing officer.

    “We’re seeing a very positive start to the holiday season,” Renslow said. “The last few Saturdays in November have been very strong.”

    The growth in online sales also has been robust so far. From Nov. 1 to Nov. 23, consumers spent $79.7 billion, according to web tracking and analysis platform Adobe Analytics. That represented a gain of 7.5% from a year earlier and was bigger than Adobe’s 5.3% growth forecast for the season.

    Mastercard SpendingPulse, which tracks spending across all payment methods, predicted a 3.6% increase in holiday sales from Nov. 1 through Dec. 24. That compares with a 4.1% increase last year.

    “Clearly, there’s uncertainty,” Mastercard Chief Economist Michelle Meyer said. “Clearly, consumers feel on edge. But at the moment, it doesn’t seem like it’s changing how they are showing up for this season.”

    According to Adobe Analytics, Thanksgiving Day was the best time to shop online to get the deepest discount on sporting goods. But Black Friday will be the best time to buy TVs, toys and appliances online.

    Cyber Monday, however, should be the best time to buy apparel and computers. Apparel discounts peaked at 12.2% off the suggested manufacturer’s price between Nov. 1 and Nov. 23 but are expected to hit 25% off on Cyber Monday, Adobe said.

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  • US retailers are about to see if Black Friday benefits from a holiday halo effect

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    NEW YORK — NEW YORK (AP) — Black Friday bargains no longer tempt people to leave Thanksgiving tables for midnight mall runs. Brawls in store aisles over toys and TVs with limited-time discounts are spectacles of holidays past. Online shopping and retailers launching discounts weeks before the turkey feast subdued that kind of fervor.

    But the sales event still has enough enthusiasts to make the day after Thanksgiving the one when U.S. stores get the most shoppers coming in the door. For that reason, Black Friday still rules as the unofficial start of the holiday shopping season.

    This year’s kickoff comes as consumer confidence in the U.S. economy fell this month in the aftermath of the federal government shutdown, weak hiring and stubborn inflation, according to a report The Conference Board issued Tuesday.

    Many retail executives have reported customers becoming more discerning and increasingly focused on deals while at the same time remaining willing to splash out for important occasions like the start of the school year and the winter holidays, creating a halo effect.

    “Consumers have been saying the economy is terrible while continuing to spend for years now, so the outlook is probably better than they are telling us,” Bill Adams, the chief economist at Comerica Bank, said this week of shoppers’ moods heading into Black Friday. “But business surveys also report consumers are being more sensitive to prices and selective in spending.”

    While planning for the holidays in the spring and summer, retail companies were wrestling with the volatility of President Donald Trump ’s wide-ranging tariffs on imported goods. Many accelerated shipments of some merchandise before the tariffs took effect or decided to absorb some of the import tax costs instead of raising prices for customers.

    Market research firm Circana said that 40% of all general merchandise sold in September saw a price increase of at least 5% compared with the first four months of the year.

    Toys, baby products, housewares, and team sports equipment were among the hardest hit categories. For example, 83% of toys sold in September saw an increase of at least 5%, Circana said. Industry group The Toy Association says nearly 80% of the toys sold in the U.S. are made in China, a country the Trump administration hit with especially high tariffs at various points this year.

    Still, analysts and mall executives cited solid momentum heading into Black Friday week. At the Mall of America in Bloomington, Minnesota, foot traffic in recent weeks surpassed the numbers from pre-pandemic 2019, said Jill Renslow, the mall’s chief business development and marketing officer.

    “We’re seeing a very positive start to the holiday season,” Renslow said. “The last few Saturdays in November have been very strong.”

    The growth in online sales also has been robust so far. From Nov. 1 to Nov. 23, consumers spent $79.7 billion, according to web tracking and analysis platform Adobe Analytics. That represented a gain of 7.5% from a year earlier and was bigger than Adobe’s 5.3% growth forecast for the season.

    Mastercard SpendingPulse, which tracks spending across all payment methods, predicted a 3.6% increase in holiday sales from Nov. 1 through Dec. 24. That compares with a 4.1% increase last year.

    “Clearly, there’s uncertainty,” Mastercard Chief Economist Michelle Meyer said. “Clearly, consumers feel on edge. But at the moment, it doesn’t seem like it’s changing how they are showing up for this season.”

    According to Adobe Analytics, Thanksgiving Day was the best time to shop online to get the deepest discount on sporting goods. But Black Friday will be the best time to buy TVs, toys and appliances online.

    Cyber Monday, however, should be the best time to buy apparel and computers. Apparel discounts peaked at 12.2% off the suggested manufacturer’s price between Nov. 1 and Nov. 23 but are expected to hit 25% off on Cyber Monday, Adobe said.

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  • Santa Fe tackles rental rates with first-in-US minimum wage approach

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    SANTA FE, N.M. (AP) — Santa Fe has long referred to itself as “The City Different” for its distinct atmosphere and a blending of cultures that stretches back centuries. Now, it’s trying something different — something officials hope will prevent a cultural erosion as residents are priced out of their homes.

    It’s the first city in the United States to directly link wages to housing affordability, aiming to counter high rents by tying minimum wage increases to consumer prices as well as fair market rental prices.

    Many see the new ordinance as a big step forward for workers, but Mayor Alan Webber also sees it as an important tool for addressing an affordability crisis that threatens the very fabric of Santa Fe.

    “The purpose is to make a serious difference in assuring that people who work here can live here,” he said. “Santa Fe’s history and culture is really reflected in the diversity of our people. It’s that diversity that we’re trying to preserve.”

    Santa Fe is not alone. Rising rents and housing prices have squeezed households nationwide, leaving many with less income to pay for other necessities. Experts say the financial pressure on renter households has increased compared to pre-pandemic conditions.

    How the ordinance works

    Santa Fe’s minimum wage will increase to $17.50 starting in 2027. The annual increase historically has been tied to consumer prices, but going forward a new blended formula will be used to calculate the annual increase, with the Consumer Price Index making up one half and fair market rent data making up the other.

    There’s a 5% cap in case costs skyrocket, and if consumer prices or rents tank in any particular year, the minimum wage will not be reduced.

    Santa Fe first adopted a living wage in 2002. The ordinance has been expanded over the years and the mission this time was to deal with median housing prices and rental costs that were far above any other major market in New Mexico.

    University of New Mexico finance professor Reilly White presented the city with 25 years of data that showed changes in fair market rents and consumer prices. He said people earning minimum wage were falling behind.

    “It became clear that any index that was made had to be duly weighted in favor of some of this real estate side and some of the cost of living side,” White said.

    Crafting the ordinance was like threading a needle, the mayor said, explaining that the aim was to benefit workers while not overly burdening the mom-and-pop shops that are the backbone of Santa Fe’s economy.

    Who benefits

    About 9,000 workers will see a bump in wages once the ordinance kicks in. That’s about 20% of the city’s workforce.

    Diego Ortiz will be among them. The 42-year-old father has called Santa Fe home for nearly three decades, working construction jobs to support his family.

    Choosing between paying rent, buying groceries and helping his children is a constant worry. He also talked about wanting his children to be able to focus on their studies. His son is having to delay school so he can work and save money, he said.

    “If there’s economic stability where we can get a good wage with the sweat of our brow, then we’re going to be able to pay our rent, pay our bills, or get a house,” he said. “Our families will be better and that will be a big change.”

    According to the National Low Income Housing Coalition, the lowest income renters are disproportionately Black, Native American and Latino.

    “Raising the minimum wage is an important thing to do in terms of affordability. Certainly part of the problem is an income problem,” said Dan Emmanuel, a senior researcher with the coalition. But he also warned that raising wages wouldn’t address affordability for seniors or those with disabilities who are not part of the workforce but make up a large share of low-income renters.

    More tools

    Providing an income boost to a subset of the population also won’t necessarily resolve the underlying shortage of housing that’s driving up prices overall, said Issi Romem, an economist and fellow at the Terner Center for Housing Innovation at the University of California-Berkeley.

    That’s why Santa Fe officials say they’re working to permit more homes and apartment units.

    On the edge of town, leasing flags whipped in the wind Wednesday as construction crews were busy building new complexes with adjacent swaths of dirt cleared for more. Mayor Webber said the uptick in permitting already is paying off — rental prices grew by just 0.5% this year.

    Santa Fe also is counting on revenue from a so-called mansion tax, which targets home sales over $1 million, to fuel a trust fund for affordable housing projects.

    Webber said the stakes are high and the city must tackle affordability from every angle.

    “Can the people who work here afford to live here?” he asked. “Can we keep Santa Fe diverse? Can we continue to be ‘The City Different’ in spite of the economic pressures that are at work?”

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  • Santa Fe Tackles Rental Rates With First-In-US Minimum Wage Approach

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    SANTA FE, N.M. (AP) — Santa Fe has long referred to itself as “The City Different” for its distinct atmosphere and a blending of cultures that stretches back centuries. Now, it’s trying something different — something officials hope will prevent a cultural erosion as residents are priced out of their homes.

    It’s the first city in the United States to directly link wages to housing affordability, aiming to counter high rents by tying minimum wage increases to consumer prices as well as fair market rental prices.

    Many see the new ordinance as a big step forward for workers, but Mayor Alan Webber also sees it as an important tool for addressing an affordability crisis that threatens the very fabric of Santa Fe.

    “The purpose is to make a serious difference in assuring that people who work here can live here,” he said. “Santa Fe’s history and culture is really reflected in the diversity of our people. It’s that diversity that we’re trying to preserve.”

    Santa Fe’s minimum wage will increase to $17.50 starting in 2027. The annual increase historically has been tied to consumer prices, but going forward a new blended formula will be used to calculate the annual increase, with the Consumer Price Index making up one half and fair market rent data making up the other.

    There’s a 5% cap in case costs skyrocket, and if consumer prices or rents tank in any particular year, the minimum wage will not be reduced.

    Santa Fe first adopted a living wage in 2002. The ordinance has been expanded over the years and the mission this time was to deal with median housing prices and rental costs that were far above any other major market in New Mexico.

    University of New Mexico finance professor Reilly White presented the city with 25 years of data that showed changes in fair market rents and consumer prices. He said people earning minimum wage were falling behind.

    “It became clear that any index that was made had to be duly weighted in favor of some of this real estate side and some of the cost of living side,” White said.

    Crafting the ordinance was like threading a needle, the mayor said, explaining that the aim was to benefit workers while not overly burdening the mom-and-pop shops that are the backbone of Santa Fe’s economy.

    About 9,000 workers will see a bump in wages once the ordinance kicks in. That’s about 20% of the city’s workforce.

    Diego Ortiz will be among them. The 42-year-old father has called Santa Fe home for nearly three decades, working construction jobs to support his family.

    Choosing between paying rent, buying groceries and helping his children is a constant worry. He also talked about wanting his children to be able to focus on their studies. His son is having to delay school so he can work and save money, he said.

    “If there’s economic stability where we can get a good wage with the sweat of our brow, then we’re going to be able to pay our rent, pay our bills, or get a house,” he said. “Our families will be better and that will be a big change.”

    According to the National Low Income Housing Coalition, the lowest income renters are disproportionately Black, Native American and Latino.

    “Raising the minimum wage is an important thing to do in terms of affordability. Certainly part of the problem is an income problem,” said Dan Emmanuel, a senior researcher with the coalition. But he also warned that raising wages wouldn’t address affordability for seniors or those with disabilities who are not part of the workforce but make up a large share of low-income renters.

    Providing an income boost to a subset of the population also won’t necessarily resolve the underlying shortage of housing that’s driving up prices overall, said Issi Romem, an economist and fellow at the Terner Center for Housing Innovation at the University of California-Berkeley.

    That’s why Santa Fe officials say they’re working to permit more homes and apartment units.

    On the edge of town, leasing flags whipped in the wind Wednesday as construction crews were busy building new complexes with adjacent swaths of dirt cleared for more. Mayor Webber said the uptick in permitting already is paying off — rental prices grew by just 0.5% this year.

    Santa Fe also is counting on revenue from a so-called mansion tax, which targets home sales over $1 million, to fuel a trust fund for affordable housing projects.

    Webber said the stakes are high and the city must tackle affordability from every angle.

    “Can the people who work here afford to live here?” he asked. “Can we keep Santa Fe diverse? Can we continue to be ‘The City Different’ in spite of the economic pressures that are at work?”

    Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    Photos You Should See – Nov. 2025

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  • Weakening incomes add new strain to households already hit by high prices

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    NEWYou can now listen to Fox News articles!

    For months, Americans have voiced frustration over the stubbornly high cost of living.

    But economists say a more troubling shift is emerging: consumers are increasingly reporting that their incomes aren’t keeping up with the financial pressures they face.

    AS THE HOLIDAYS APPROACH, THANKSGIVING BECOMES TRUMP’S ECONOMIC TEST

    Joanne Hsu, director and chief economist of the University of Michigan’s Surveys of Consumers, says the change is showing up more clearly in recent readings.

    “Consumers have been expressing frustration from high prices consistently for the past several years; what makes this season different is that consumers are also increasingly mentioning weakening incomes as well,” Hsu told Fox News Digital.

    “This year, they are reporting pressures on their pocketbooks from multiple sources,” she added.

    Consumers are increasingly reporting that their incomes aren’t keeping up with the financial pressures they face. (David Paul Morris/Bloomberg via Getty Images)

    That sense of mounting pressure is backed up by recent analysis. 

    According to the Bank of America Institute, inflation has risen faster than middle- and lower-income households’ after-tax wages since January 2025.

    As a result, nearly one in four U.S. households is now living paycheck to paycheck, a number that has grown during the past year.

    NEARLY 1 IN 4 AMERICAN HOUSEHOLDS LIVING PAYCHECK TO PAYCHECK, REPORT REVEALS

    What that means is that the erosion of purchasing power is pushing more Americans to the edge of their budgets, making it harder to keep up, let alone get ahead.

    Hand reaching out across table to pay for meal outdoors with a credit card - contactless payment

    Americans say that it is hard to keep up financially, let alone, get ahead. (iStock)

    That growing strain presents a political challenge for President Donald Trump, who returned to the White House on promises of greater affordability. He is now confronting voter doubts about whether he can deliver.

    A Fox News national survey shows 76% of voters now rate the economy negatively, up sharply from 67% in July and 70% at the end of former President Joe Biden‘s term.

    Trump’s economic approval has also slipped to a new low, and his overall job approval has climbed to record levels of disapproval, even among voters who have historically backed him.

    CLICK HERE TO GET THE FOX NEWS APP

    US President Donald Trump listens during a Cabinet meeting

    President Donald Trump is grappling with affordability issues that plagued former President Joe Biden’s administration. (Aaron Schwartz/CNP/Bloomberg via Getty Images)

    For now, the daily reality for many Americans remains the same: prices feel too high, paychecks feel too thin and confidence in the future is fragile. 

    How quickly that changes and whether voters give Trump credit for it may determine the tone of the country’s economic and political debate in the months ahead.

    Amanda covers the intersection of business and geopolitics for Fox News Digital.

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  • Britain’s unpopular government prepares a high-stakes budget and hopes for growth

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    LONDON (AP) — After being elected in a landslide last year, Britain’s Labour Party government delivered a budget it billed as a one-off dose of tax hikes to fix the public finances, get debt down, ease the cost of living and spur economic growth.

    A year on, inflation remains stubbornly high, government borrowing is up and the economy is turgid. The annual budget, due on Wednesday, is expected to bring more tax hikes in pursuit of the same elusive economic boom.

    Rain Newton-Smith, head of business group the Confederation of British Industry, said Monday that “it feels less like we’re on the move, and more like we’re stuck in ‘Groundhog Day.’”

    It’s not just businesses who are concerned. Alarmed by the government’s consistently dire poll ratings, some Labour lawmakers are mulling the once-unthinkable idea of ousting Prime Minister Keir Starmer, who led them to victory less than 18 months ago.

    Luke Tryl, director of pollster More in Common, said voters “don’t understand why there has not been positive change.

    “This could be a last-chance saloon moment for the government.”

    Not much room for maneuver

    The government says Treasury chief Rachel Reeves will make “tough but right decisions” in her budget to ease the cost of living, safeguard public services and keep debt under control.

    She has limited room for maneuver. Britain’s economy, the world’s sixth-largest, has underperformed its long-run average since the global financial crisis of 2008-2009, and the center-left Labour government elected in July 2024 has struggled to deliver promised economic growth.

    Like other Western economies, Britain’s public finances have been squeezed by the costs of the COVID-19 pandemic, the Russia-Ukraine war and U.S. President Donald Trump’s global tariffs. The U.K. bears the extra burden of Brexit, which has knocked billions off the economy since the country left the European Union in 2020.

    The government currently spends more than 100 billion pounds ($130 billion) a year servicing the U.K.’s debt, which stands at around 95% of annual national income.

    Adding to pressure is the fact that Labour governments historically have had to work harder than Conservative administrations to convince businesses and the financial markets that they are economically sound.

    Reeves is mindful of how financial markets can react when the government’s numbers don’t add up. The short-lived premiership of Liz Truss ended in October 2022 after her package of unfunded tax cuts roiled financial markets, drove down the value of the pound and sent borrowing costs soaring.

    Luke Hickmore, an investment director at Aberdeen Investments, said the bond market is the “ultimate reality check” for budget policy.

    “If investors lose faith, the cost of borrowing rises sharply, and political leaders have little choice but to change course,” he said.

    Mixed pre-budget signals

    The government has ruled out public spending cuts of the kind seen during 14 years of Conservative government, and its attempts to cut Britain’s huge welfare bill have been stymied by Labour lawmakers.

    That leaves tax increases as the government’s main revenue-raising option.

    “We’re very much not in the position that Rachel Reeves hoped to be in,” said Jill Rutter, a senior fellow at the Institute for Government think tank.

    Instead of an economy that has “sparked into life,” enabling higher spending and lower taxes, Rutter said Reeves must decide whether “to fill a big fiscal black hole with tax increases or spending cuts.”

    The budget comes after weeks of messy mixed messaging that saw Reeves signal she would raise income tax rates – breaking a key election promise – before hastily reversing course.

    In a Nov. 4 speech, Reeves laid the groundwork for income tax hikes by arguing that the economy is sicker and the global outlook worse than the government knew when it took office.

    After an outcry among Labour lawmakers, and a better-than-expected update on the public finances, the government signaled it preferred a smorgasbord of smaller revenue-raising measures such as a “mansion tax” on expensive homes and a pay-per-mile tax for electric vehicle drivers.

    The government will try to ease the sting with sweeteners including an above-inflation boost to pension payments for millions of retirees and a freeze on train fares.

    Critics say more taxes on employees and businesses, following tax hikes on businesses in last year’s budget, will push the economy further into a low-growth doom loop.

    Patrick Diamond, professor in public policy at Queen Mary University of London, said satisfying both markets and voters is difficult.

    “You can give markets confidence, but that probably means raising taxes, which is very unpopular with voters,” he said. “On the other hand, you can give voters confidence by trying to minimize the impact of tax rises, but that makes markets nervous because they feel that the government doesn’t have a clear fiscal plan.”

    High stakes for Reeves and Starmer

    The budget comes as Starmer is facing mounting concern from Labour lawmakers over his dire poll ratings. Opinion polls consistently put Labour well behind the hard-right Reform UK party led by Nigel Farage.

    The prime minister’s office sparked a flurry of speculation earlier this month by preemptively telling news outlets that Starmer would fight any challenge to his leadership. What looked like an attempt to strengthen Starmer’s authority backfired. The reports set off jitters verging on panic among Labour lawmakers, who fear the party is heading for a big defeat at the next election.

    That election does not have to be held until 2029, and the government continues to hope that its economic measures will spur higher growth and ease financial pressures.

    But analysts say a misfiring budget could be another nail in the coffin of Starmer’s government.

    “Both Starmer and Reeves are really unpopular,” Rutter said. “They may be hanging on for now, but I don’t think people will be giving you great odds that they’ll necessarily last the course of the Parliament,” which runs until the next election.

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  • Consumer Confidence Slides as Americans Grow Wary of High Costs and Sluggish Job Gains

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    The Conference Board said Tuesday that its consumer confidence index dropped to 88.7 in November from an upwardly revised October reading of 95.5, the second-lowest reading since April, when President Donald Trump announced sweeping tariffs that caused the stock market to plunge.

    The figures suggest that Americans are increasingly wary of high costs and sluggish job gains, with perceptions of the labor market worsening, the survey found. Declining confidence could pose political problems for Trump and Republicans in Congress, as the dimmer views of the economy were seen among all political affiliations and were particularly sharp among independents, the Conference Board said.

    Earlier Tuesday, a government report showed that retail sales slowed in September after healthy readings over the summer. While economists forecast healthy growth for the July-September quarter, many expect a much weaker showing in the final three months of the year, largely because of the shutdown.

    Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    Photos You Should See – Nov. 2025

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  • Wall Street is on tenterhooks about the Fed’s ‘rare, genuinely suspenseful’ December meeting, because the committee itself doesn’t know what to make of the data—or of each other | Fortune

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    If the market doesn’t seem sure whether or not to expect a base interest rate cut next month, it’s not alone—members of the Federal Open Market Committee (FOMC) themselves may have little clue which way the vote is going to go.

    In the run-up to this week, the mood was one of disappointment that the FOMC wouldn’t deliver a final cut for 2025, an action many analysts had priced in since this summer. A week ago, investors hedged their bets at a 50/50 likelihood of a base rate cut to 3.75 to 4%, from its current position at 4 to 4.25%.

    But the tides changed quickly, based on both data and comments from members of the FOMC, and at the time of writing, CME’s FedWatch barometer places an 81% probability of a cut early next month.

    A key part of the shift came after comments from the New York Fed’s John Williams, who joined voices like Trump appointee Stephen Miran and Governor Chris Waller in advocating for a cut. This, analysts warned this morning, may need to be taken with a pinch of salt: Members will be asking whether their peers are truly dovish, or are ruffling feathers in order to catch the eye of President Trump and secure a nomination for Fed Chairman next year.

    Data isn’t making the path much clearer. The first payroll report after the end of the government shutdown painted a pallid picture of the jobs market. Powell called it a “low hire, low fire” environment. The unemployment rate remained relatively stable at 4.4%, and the jobs market added a relatively small 119,000 roles in September.

    Offsetting the tepid employment outlook, which forms one part of the Fed’s mandate, is the inflation question. Members of the FOMC are mindful that inflation remains comfortably ahead of its 2% target, a trend that is likely to come into even greater focus during a period of high consumer spending.

    This combination means holiday spending data holds more levity than usual; in fact, it is “crucial,” wrote Professor Jeremy Siegel, Emeritus Professor of finance at The Wharton School of the University of Pennsylvania.

    Writing for WisdomTree yesterday, where he is senior economist, Professor Siegel added: “Real-time credit-card reads and retail commentary will reveal far more about underlying consumer momentum than backward-looking payroll reports that remain distorted by the shutdown. Strong spending will tilt the Fed toward a December pause; soft spending makes the December meeting genuinely live.”

    As such, “this is the most uncertain FOMC meeting in years because the committee itself doesn’t yet know the answer,” added Professor Siegel, “Powell prefers to signal decisions well in advance, but the data simply is not speaking loudly enough.”

    Williams signalling an openness to a cut is “groundwork” from the dovish camp, the professor added, while hawks are insisting the data is not strong enough either way to prompt action: “It sets up a rare, genuinely suspenseful meeting—one where investors should expect volatility around both the statement and the new dot plot.”

    A question of motivation

    Goldman Sachs’s chief economist Jan Hatzius shares the opinion of President Williams, arguing that the payroll data for September is weak enough to motivate a cut. In a note released Sunday, Hatzius wrote: “His view is likely consistent with that of Chair Powell—who almost certainly wrote down three cuts in the September dot plot—and a majority of the 12 voting FOMC members, though not necessarily a majority of all 19 FOMC participants.

    “With the next jobs report now scheduled for December 16 and CPI for December 18, there is little on the calendar to derail a cut on December 10.”

    However, with Chair Powell due to step down next year—much to the joy of President Trump, who has repeatedly criticised him for refusing to cut the base rate—it may be hard to separate the through doves from those auditioning for the role.

    As UBS chief economist Paul Donovan said this morning: “U.S. Federal Reserve Governor Waller, who President Trump is considering as a candidate for Fed Chair, supported Trump’s calls for more rate cuts yesterday. Waller advocated a December rate cut, which got markets somewhat excited, although Waller justified this with suggestions that the U.S. labor market might perhaps be in trouble.”

    Donovan countered that a higher inflation rate is being accommodated by U.S. households saving less, suggesting a level of confidence in the jobs market. “If Waller is right,” Donovan added, “the U.S. economy is at quite significant risk, and this should be a major concern for financial markets.

    “If, however, this call is merely a subtly-disguised cry of ‘Pick me! Pick me!’ aimed at Trump, then markets will focus on the benefits of monetary accommodation and not the mooted risks it is purportedly offsetting.”

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    Eleanor Pringle

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  • Britain’s unpopular government prepares a high-stakes budget and hopes for growth

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    LONDON — After being elected in a landslide last year, Britain’s Labour Party government delivered a budget it billed as a one-off dose of tax hikes to fix the public finances, get debt down, ease the cost of living and spur economic growth.

    A year on, inflation remains stubbornly high, government borrowing is up and the economy is turgid. The annual budget, due on Wednesday, is expected to bring more tax hikes in pursuit of the same elusive economic boom.

    Rain Newton-Smith, head of business group the Confederation of British Industry, said Monday that “it feels less like we’re on the move, and more like we’re stuck in ‘Groundhog Day.’”

    It’s not just businesses who are concerned. Alarmed by the government’s consistently dire poll ratings, some Labour lawmakers are mulling the once-unthinkable idea of ousting Prime Minister Keir Starmer, who led them to victory less than 18 months ago.

    Luke Tryl, director of pollster More in Common, said voters “don’t understand why there has not been positive change.

    “This could be a last-chance saloon moment for the government.”

    The government says Treasury chief Rachel Reeves will make “tough but right decisions” in her budget to ease the cost of living, safeguard public services and keep debt under control.

    She has limited room for maneuver. Britain’s economy, the world’s sixth-largest, has underperformed its long-run average since the global financial crisis of 2008-2009, and the center-left Labour government elected in July 2024 has struggled to deliver promised economic growth.

    Like other Western economies, Britain’s public finances have been squeezed by the costs of the COVID-19 pandemic, the Russia-Ukraine war and U.S. President Donald Trump’s global tariffs. The U.K. bears the extra burden of Brexit, which has knocked billions off the economy since the country left the European Union in 2020.

    The government currently spends more than 100 billion pounds ($130 billion) a year servicing the U.K.’s debt, which stands at around 95% of annual national income.

    Adding to pressure is the fact that Labour governments historically have had to work harder than Conservative administrations to convince businesses and the financial markets that they are economically sound.

    Reeves is mindful of how financial markets can react when the government’s numbers don’t add up. The short-lived premiership of Liz Truss ended in October 2022 after her package of unfunded tax cuts roiled financial markets, drove down the value of the pound and sent borrowing costs soaring.

    Luke Hickmore, an investment director at Aberdeen Investments, said the bond market is the “ultimate reality check” for budget policy.

    “If investors lose faith, the cost of borrowing rises sharply, and political leaders have little choice but to change course,” he said.

    The government has ruled out public spending cuts of the kind seen during 14 years of Conservative government, and its attempts to cut Britain’s huge welfare bill have been stymied by Labour lawmakers.

    That leaves tax increases as the government’s main revenue-raising option.

    “We’re very much not in the position that Rachel Reeves hoped to be in,” said Jill Rutter, a senior fellow at the Institute for Government think tank.

    Instead of an economy that has “sparked into life,” enabling higher spending and lower taxes, Rutter said Reeves must decide whether “to fill a big fiscal black hole with tax increases or spending cuts.”

    The budget comes after weeks of messy mixed messaging that saw Reeves signal she would raise income tax rates – breaking a key election promise – before hastily reversing course.

    In a Nov. 4 speech, Reeves laid the groundwork for income tax hikes by arguing that the economy is sicker and the global outlook worse than the government knew when it took office.

    After an outcry among Labour lawmakers, and a better-than-expected update on the public finances, the government signaled it preferred a smorgasbord of smaller revenue-raising measures such as a “mansion tax” on expensive homes and a pay-per-mile tax for electric vehicle drivers.

    The government will try to ease the sting with sweeteners including an above-inflation boost to pension payments for millions of retirees and a freeze on train fares.

    Critics say more taxes on employees and businesses, following tax hikes on businesses in last year’s budget, will push the economy further into a low-growth doom loop.

    Patrick Diamond, professor in public policy at Queen Mary University of London, said satisfying both markets and voters is difficult.

    “You can give markets confidence, but that probably means raising taxes, which is very unpopular with voters,” he said. “On the other hand, you can give voters confidence by trying to minimize the impact of tax rises, but that makes markets nervous because they feel that the government doesn’t have a clear fiscal plan.”

    The budget comes as Starmer is facing mounting concern from Labour lawmakers over his dire poll ratings. Opinion polls consistently put Labour well behind the hard-right Reform UK party led by Nigel Farage.

    The prime minister’s office sparked a flurry of speculation earlier this month by preemptively telling news outlets that Starmer would fight any challenge to his leadership. What looked like an attempt to strengthen Starmer’s authority backfired. The reports set off jitters verging on panic among Labour lawmakers, who fear the party is heading for a big defeat at the next election.

    That election does not have to be held until 2029, and the government continues to hope that its economic measures will spur higher growth and ease financial pressures.

    But analysts say a misfiring budget could be another nail in the coffin of Starmer’s government.

    “Both Starmer and Reeves are really unpopular,” Rutter said. “They may be hanging on for now, but I don’t think people will be giving you great odds that they’ll necessarily last the course of the Parliament,” which runs until the next election.

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  • Most Americans don’t think Trump has clearly explained military actions in Venezuela, poll finds

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    Most Americans don’t think Trump has clearly explained military actions in Venezuela, poll finds – CBS News









































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    A new CBS News poll captures how Americans view potential U.S. military action in Venezuela. CBS News executive director of elections and surveys Anthony Salvanto breaks down the findings.

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  • How rising Medicare premiums could impact what your 2026 Social Security check

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    A higher Medicare premium set to go into effect in 2026 will push the monthly charge above $200 for the first time, with the increase likely to erode next year’s cost-of-living increase for millions of Social Security recipients.

    The premium for Medicare’s Part B, which covers doctor visits and other outpatient services, will rise 9.7% to $202.90, an increase of $17.90 from the current $185 monthly cost, the Centers for Medicare & Medicaid Services said earlier this month. It’s the largest increase since 2022, when the Part B premium jumped 15%.

    The Part B deductible — the amount seniors must pay out of pocket before their coverage kicks in— is also rising about 10%, jumping to $283 next year from this year’s $257. 

    The Part B premium, which is deducted automatically from seniors’ monthly Social Security checks, is rising at a rate that’s three times that of inflation, partly due to a rise in underlying health care costs, Anne Montgomery, senior health policy expert at the National Committee to Preserve Social Security and Medicare (NCPSSM), said in a blog post. The Medicare premium increase means that seniors may not have much room to keep up with inflation, Max Richtman, the president and CEO of the same group, told CBS News.

    “So many rely on [Social Security] for all or most of their income,” he said. “This is gonna hurt.”

    The Social Security Administration set next year’s cost-of-living increase at 2.8%, which will boost the average Social Security paycheck by $56 to about $2,071 per month.

    The Medicare Part B premium hike will consume about a third of next year’s COLA, effectively lowering the rate to 1.9% — far below the current inflation rate of 3%, according to NCPSSM’s analysis. People with lower monthly benefits could even see an effective COLA of zero, the group said.

    Rising health care costs

    Health care costs have been rising for all Americans, contributing to the sticker shock that seniors and other groups are experiencing. In 2023, Americans spent an average of $1,514 on out-of-pocket health care costs, an increase of 9% from 2020 on an inflation-adjusted basis, according to KFF.

    Aside from underlying health care inflation, Medicare’s costs are also increasing because of increased demand for medical services, CMS said this month.

    Working adults will also face higher health care premiums in 2026. Roughly 22 million Americans who get their health insurance through the Affordable Care Act (ACA) marketplaces will also be faced with steep rate hikes if Congress fails to extend premium tax credits, which help lower the cost for the majority of people on ACA plans. 

    Those credits are set to expire at the end of 2025, which became the main sticking point in the recent government shutdown. Without an extension, Americans who rely on the tax credit could see their costs more than double in 2026, KFF estimates. 

    Workers with employee-sponsored coverage are also likely to see their costs climb next year, with most expected to pay 6% to 7% more for their 2026 plans, according to an analysis from consultant Mercer.

    Edited by

    Aimee Picchi

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  • CBS News poll finds most would oppose U.S. military action in Venezuela, say Trump hasn’t explained

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    The situation around Venezuela has Americans asking to know more. 

    Across party lines, big majorities say the administration needs to explain what the U.S. intends regarding any action, and that it has not done so clearly yet.

    Meanwhile, what Americans hear from the White House about inflation is, they say, not what they’re actually feeling at home: rising prices and worsening economic views. 

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    In the meantime, Americans do not think of Venezuela as a major threat to the US. Instead, more see a minor one, and they are largely opposed to potential military action.

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    So, the idea of potential U.S. military action in Venezuela meets with widespread disapproval. It doesn’t get overwhelming backing from Republicans either. 

    Three in four Americans also say Trump would need congressional approval before taking military action in Venezuela, including just over half of Republicans.

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    Just one in five Americans have heard a lot about the U.S. military buildup in the first place. That may be another expression of that sense of limited information about the purpose. 

    The current military attacks on boats suspected of bringing drugs find division — just over half approve, driven by nearly universal support among Republicans — though Americans overall overwhelmingly say they should see the evidence that there are drugs.

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    However, most Americans don’t think U.S. military action in Venezuela would change the amount of drugs coming into the U.S.

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    Looking more closely within the president’s GOP base: MAGA Republicans are actually more supportive of potential military action than non-MAGA ones.

    For context, that is similar to what we’ve seen over time on many issues, including foreign policy, in which that part of the base is largely deferential to the president. (As one example, MAGA was also supportive of the bombing in Iran months ago.) Most of them say the president has explained things, and in turn, are more apt to see any action in Venezuela as decreasing the amount of drugs entering the U.S. 

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    But many who are opposed to military action, including those within the GOP ranks, may also be seeing this in terms of issue priorities. They’re a little more likely to judge the administration on what it does about the economy than those in favor. And most who judge him on the economy think he isn’t spending enough time on it.

    Here’s what Americans say about the economy

    There’s a disconnect between how Americans hear the White House describing the economy, and what they’re feeling themselves. 

    Most Americans say Trump describes things with prices and inflation as better than they really are.

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    (This includes four in 10 Republicans who say this about Trump. They are also among those more likely to say prices are going up.)

    This comes as ratings for the overall economy continue to be low — as they’ve been for years — ticking down this week to their lowest mark in 2025.

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    Prices, more generally, are still seen by most as going up.

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    As we head into the holiday season, that economic dissatisfaction includes the majority of Americans who feel President Trump’s policies are making the cost of food and groceries, specifically, go up.

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    So, that disconnect appears to continue to weigh on the president’s ratings. 

    There are many ways Americans judge a president. For those who say they judge Mr. Trump most on what he does about the economy and inflation, they overwhelmingly say he isn’t spending enough time on that.

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    That, in turn, has continued to push his approval on handling the economy and inflation down over the course of several months. That trend continues this week, with assessments of the overall economy, and his ratings for handling the economy and inflation, hitting lows for the year. 

    More than two-thirds disapprove of his handling of inflation.

    He does especially poorly on handling the economy among people who mainly judge him on that. 

    Among independents, his ratings for handling the economy, and his ratings overall, have also hit lows for the year. That has continued to push his approval rating overall lower over time too, now down to their low point for his second term after a steady decline over recent months.

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    The president does a little better on his handling of immigration, backed by continued large support from the GOP base, as has been the case for months.

    The decline in the president’s overall approval ratings connects to people’s economic priorities in this way: even among those who voted for him in 2024, disapproval today is more likely to come when people are judging him mostly on the economy.

    Deportation

    The administration’s deportation program continues to split the country, but support is underpinned by strong approval from Republicans.

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    Most — particularly those outside the GOP base — continue to feel that ICE is detaining more people than necessary.

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    But the deportation program is seen by many as more undermining than strengthening the economy.

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    One possible reason: a third of the country (who tend to live in cities and suburbs) say it is impacting their community for the worse, and they feel people in their area are staying home more as a result of the program.

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    Epstein files

    Americans across party lines think it is important to see the Epstein files released. 

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    Americans overwhelmingly believe they will contain damaging information about powerful people. Most say it’s too soon to know if what’s in them is true. On balance, though, more think that information will be true rather than false. 

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    Republicans are more satisfied with how the Trump administration is handling the Epstein case than they were in the summer. (The survey was conducted just after Trump said Congress should vote to release the files, which they did shortly thereafter.) Today, most others are not satisfied.

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    However, the president’s Republican base says issues surrounding the files are not important to how they judge him. Nearly two-thirds of Republicans say this doesn’t affect how they evaluate Trump overall. (Independents and Democrats, though, give it comparably more importance in this regard.)

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    This CBS News/YouGov survey was conducted with a nationally representative sample of 2,489 U.S. adults interviewed between November 19-21, 2025. The sample was weighted to be representative of adults nationwide according to gender, age, race, and education, based on the U.S. Census American Community Survey and Current Population Survey, as well as 2024 presidential vote. The margin of error is ±2.4 points.

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