Economy

Soaring utility bills push some low-income Californians to the financial brink

5:07am December 29, 2023

by Vanessa Rancaño

Californians face another electricity rate hike, in part to pay for PG&E to bury power lines to prevent wildfires. As climate change raises energy costs, low-income residents struggle to pay bills.

A visit to Xi Jinping's model village in rural China

5:28pm December 28, 2023

by John Ruwitch

Mao Zedong built China's Communist revolution on the back of the country's impoverished peasants, and now Chinese leader Xi Jinping wants a new economic revolution to take root in the countryside.

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A forecast of what this winter's heating bills will look like

5:28pm December 28, 2023

by Scott Horsley

People in much of the country should enjoy lower heating bills this winter. But many families are still struggling with the cost of staying warm.

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Rite Aid, Bird and Bed Bath & Beyond are among the notable companies that filed for bankruptcy in 2023.

Why corporate bankruptcies were up in 2023 despite the improving economy

1:34pm December 28, 2023

by Bobby Allyn

Hundreds of debt-saddled companies filed for bankruptcy this year, as the era of easy money caught up to corporations. High interest rates mean banks aren't extending lifelines.

A $7,500 tax credit for electric vehicles will see substantial changes in 2024. It will be easier to get because it will be available as an instant rebate at dealerships, but fewer models are likely to qualify.

Economy

The $7,500 tax credit for electric cars will see big changes in 2024. What to know

5:00am December 28, 2023

by Camila Domonoske

The electric vehicle tax credit will be easier to get next year — but fewer models could qualify, as the government imposes stricter eligibility requirements.

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Holiday spending is up, another good sign for the economy

7:34pm December 27, 2023

by Becky Sullivan

Data show consumer spending from November 1 through Christmas Eve rose 3.1% year over year — a figure in line with the decade leading up to the pandemic and another positive sign for the economy.

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Supermarket sticker shock eased this year, as egg prices fell back to earth. Despite gloomy recession forecasts at the beginning of the year, consumers kept spending and the economy continued to grow.

These 5 charts show how life got pricier, but also cheaper, in 2023

11:21am December 27, 2023

Inflation eased this year, and wages are now climbing faster than prices. Americans are still spending, even if they have to borrow money to do so.

Kelsey, Kristen and Kaylen Kassab of The K3 Sisters Band in front of the Barbie Theater at World of Barbie at Stonebriar Centre Mall on in Frisco, Texas.

From Swiftie beads and Barbie to Beyonce, girls ran the world economy in 2023

9:08am December 27, 2023

by Pallavi Gogoi

Girl spending was one of the most powerful economic forces in 2023. Taylor Swift and Beyoncé concerts boosted local and national economies. World leaders begged Taylor Swift to come and perform.

A customer shops for holiday gifts in a Target store on Dec. 21 in Austin, Texas. Holiday shopping was up 3.1% over 2022, a lower figure than the pandemic years but still a healthy one, economists say.

Economy

Holiday spending is up. Shoppers are confident, but not giddy

5:12am December 27, 2023

by Becky Sullivan

Consumer spending from Nov. 1 through Christmas Eve rose 3.1% year over year, new data show, a figure in line with the decade leading up to the pandemic and another positive sign for the economy.

Biden doesn't seem to be benefiting politically from relatively strong economy

5:12am December 27, 2023

The state of the economy can determine presidential elections — but that doesn't mean President Biden is getting credit for positive changes.