Scott Horsley

Back-to-school spending reached another record this year, while other spending is giving some indications of how Americans feel about the economy.

Federal Reserve Chair Jerome Powell said interest rates could stay elevated for an extended period to bring inflation to the central bank's 2% target.

The housing market is showing a split: Sales of existing homes were down last month, but sales of newly built houses were up.

Sales of existing homes fell more than 2% in July, as rising mortgage rates kept many would-be buyers and sellers on the sidelines.

Rates for a fixed, 30-year mortgage jumped to the highest rate seen in over 20 years - over seven percent. We'll look at what this means for prospective homebuyers, and the housing market in general.

The average cost of a 30-year fixed-rate mortgage jumped to 7.09% this week, the highest in over two decades. Rising interest rates have put homes out of reach for many would-be buyers.

Builders broke ground on almost 7% more single-family homes in July than in June. New houses are selling quickly, despite high mortgage rates, because of a shortage of existing homes on the market.

Gas and groceries got more expensive in July, but the price of most other goods was down. The Federal Reserve may be able to bring inflation under control without tipping the economy into recession.

Consumer prices rose 3.2% in July from a year ago, higher than the 3% gain seen in June — but it was largely due to math. Overall, inflation continues to ease, raising optimism about the economy.

Consumer prices rose 3.2% in July from a year ago, up slightly from the 3% annual rise see in June — but still within analyst expectations

The Labor Department's new cost of living report showed an uptick in inflation last month — for the first time in a year. The 3.2% jump in consumer prices was within expectations.

U.S. employers added 187,000 jobs in July, a slower but still solid pace of growth, suggesting the Federal Reserve may be able to curb inflation without triggering a recession.

U.S. employers added 187,000 jobs in July, still marking a steady pace of growth. The unemployment rate edged down to 3.5%.

The Labor Department releases its monthly report card on the job market Friday morning. While rising interest rates have been a drag on some parts of the economy, overall hiring remains strong.

Treasury officials say they've seen little fallout so far from the loss of the government's Triple-A bond rating. The Fitch rating agency downgraded government debt, citing a governance deterioration.

Rating agency Fitch has cut the U.S.' credit rating, lowering it by one notch from the top grade. It cited big government deficits and a deterioration in governance over the last two decades.

Fitch cut the federal government's top rating, citing rising deficits and a steady deterioration in governance over the last two decades. The action drew a sharp rebuke from the Biden administration.

Fitch Ratings cut the U.S.'s rating by one notch, moving it from the previous top-rated AAA to AA+, citing worsening governance as a key factor — just months after the country averted a debt default.

A string of encouraging reports is raising hope about the economy — but worries of a possible recession have not gone away. Here's why.

The Tour de France concludes just as another storied cycling event begins: the Des Moines Register's Annual Great Bicycle Ride Across Iowa. This is RAGBRAI's 50th year.