Scott Horsley

The Labor Department reports Wednesday on consumer prices for April. Inflation has cooled from a four-decade high last summer, but prices are still climbing too fast for comfort.

Research shows Black Americans are audited more often as other taxpayers. Analysts say the IRS' practice is unfair and produces less money for the government than a more equitable system would.

U.S. employers added 253,000 jobs in April — more than forecasters were expecting. The unemployment rate dipped to 3.4%, matching the lowest level in more than half a century.

The U.S. job market may be getting a second wind. Employers added 253,000 jobs in April, a modest uptick from the month before. The unemployment rate dipped to 3.4%.

The jobs figure is significantly higher than most forecasters expected. But the outlook for the labor market remains uncertain due to banking turmoil and rising interest rates.

The Federal Reserve raised interest rates by a quarter percentage point Wednesday in an effort to curb persistent inflation. It was the tenth rate hike in 14 months, and possibly the last for a while.

The Fed is expected to raise interest rates Wednesday for the tenth time in 14 months. While inflation is still well above the Fed's target, forecasters think this could be the last hike for a while.

Treasury Secretary Janet Yellen warned lawmakers that unless the debt ceiling is raised soon, the federal government may not have enough money to pay its bills as early as June 1.

The Federal Reserve and the FDIC reported on lessons learned from March's bank failures, including lapses in government oversight and ideas on how to prevent similar meltdowns going forward.

The Federal Reserve says its own light-touch approach to bank regulation is partly to blame for the collapse of Silicon Valley Bank last month, and it promised more vigorous oversight in the future.

Economic growth slowed in the first three months of 2023. The Commerce Department said that gross domestic product grew at an annual rate of 1.1% in the first quarter — down from 2.6% in late 2022.

The Federal Reserve and the FDIC are set to report Friday on their oversight of two failed banks. The banks' collapse six weeks ago rocked credit markets and raised the risk of recession.

The country's GDP growth is slowing as banks cut back on credit and the Federal Reserve tries to crack down on inflation.

House Republicans want to add new work requirements to safety net programs, in exchange for raising the debt ceiling. Critics say that would increase hardship without doing much to boost employment.

Tuesday is the deadline to file your income taxes. After years of underfunding, the IRS is beefing up to improve customer service, and to make sure people actually pay the taxes they owe.

Forecasters at the Federal Reserve warn of a possible recession later this year. This past week brought new insights into how Americans are working, spending, and coping with inflation.

Inflation eased a bit in March, as the price of gasoline and groceries dropped. But the price of services continues to climb, keeping overall inflation stubbornly high.

Consumer prices in March were up 5% from a year ago. While inflation has eased from a four-decade high last summer, prices are still rising faster than the Federal Reserve would like.

New consumer prices data for March show that inflation has fallen from a four-decade high last summer, but prices are still climbing faster than the Federal Reserve would like.

Even before the collapse of Silicon Valley Bank last month, other banks were getting stingier about making loans. That makes it harder for businesses trying to grow and raises the risk of recession.