Business News

(WASHINGTON) -- President Donald Trump said an announcement was expected Friday on Spirit Airlines, amid a report that the airline was preparing to cease operations after a $500 million rescue deal fell apart.The Wall Street Journal first reported that the airline is preparing to shut down operations.When asked if the administration had decided against bailing out Spirit Airlines, Trump told reporters on Friday, "I guess we're looking at it. If we could do it, […]

(NEW YORK) -- Hiring blew past expectations in May, registering at a blockbuster clip despite a continued rise in inflation set off by the Iran War.The U.S. added 172,000 jobs in May, according to the report, which marked an acceleration from 115,000 jobs added in April. The reading for April exceeded economists' expectations. The reading amounted to a slight downshift from March, when the U.S. economy gained 185,000 jobs.Still, the […]

(NEW YORKI) --Drivers stung by high gas prices have enjoyed some welcome relief over the last couple of weeks, even as the impact of the Iran war continues to choke off oil supply.The national average price of a gallon of gas stood at $4.26 on Wednesday, marking a decline of 30 cents, or 6.5%, since a recent peak on May 21.Still, prices remain well above where they clocked in before […]

People walk along Broadway with shopping bags in Manhattan on February 27, 2026 in New York City. (Spencer Platt/Getty Images) (NEW YORK) -- The United States economy grew at a solid pace over the first three months of 2026, rebounding from sluggish performance at the end of last year, a government report on Thursday showed.The economy grew at an annualized rate of 2% in the first quarter, marking an acceleration […]

(WASHINGTON) -- A Senate committee on Wednesday voted to advance Fed chair nominee Kevin Warsh, clearing a key hurdle in his path to replace Fed Chair Jerome Powell before his term ends next month. Warsh's nomination will move to a confirmation vote on the floor of the upper chamber.The Senate Banking Committee voted 13-11 to approve the nomination on a party-line vote, with Republicans supporting the nomination and Democrats opposing […]

(NEW YORK) -- The Federal Reserve on Wednesday will issue its latest announcement on interest rates as gasoline prices in the U.S. reach their highest level in four years. The move marks what may be the central bank's final decision on borrowing costs under the leadership of Fed Chair Jerome Powell.The policy announcement is set to arrive at an uneasy moment for the central bank. The Iran war set off […]

A gas pump stands at a station in Manhattan on April 21, 2026 in New York City. (Spencer Platt/Getty Images) (NEW YORK) -- Gasoline prices in the United States hit their highest level in four years on Tuesday as negotiations over the Iran war appeared to show little signs of a resolution.This is a developing story. Please check back for updates. Copyright © 2026, ABC Audio. All rights reserved.

(OAKLAND, Calif.) -- Billionaire entrepreneur Elon Musk and prominent AI executive Sam Altman are facing off in court with major implications for OpenAI, the San Francisco-based tech giant led by Altman.The federal case, which concerns OpenAI's evolution from nonprofit to profit-seeking, kicked off on Monday in Oakland, California. Judge Yvonne Gonzalez Rogers is managing proceedings alongside nine jurors and no alternates, according to a court filing last month.The star-studded list of potential witnesses includes Altman, Musk […]

(NEW YORK) -- The United Arab Emirates on Tuesday said it would leave the Organization of the Petroleum Exporting Countries (OPEC) next month.This is a developing story. Please check back for updates. Copyright © 2026, ABC Audio. All rights reserved.