The heads of the Minneapolis Federal Reserve and Best Buy say uncertainty caused by the COVID-19 pandemic will cloud the economy in the near term, with supply chain disruptions and a worker shortage likely to continue.
Americans sharply cut their spending in December after a burst of early spending in the fall that helped bolster the holiday season.
Prices paid by U.S. consumers jumped 7% in December from a year earlier, the highest inflation rate since 1982 and the latest evidence that rising costs for food, rent and other necessities are heightening the financial pressures on America's households.
The December 2021 jobs report showed U.S. employers added a modest 199,000 jobs, while the unemployment rate fell sharply.
Minnesota's minimum wage is set to increase Jan. 1.
President Joe Biden said financial recovery from the pandemic will take longer than job recovery, especially for those with student loans.
Most of that figure comes from unemployment fraud. The Labor Department reported about $87 billion in unemployment benefits could have been paid improperly, with a significant portion attributable to fraud.
The Senate approved a bill that will clear the way for Congress to raise the debt ceiling with a simple-majority vote before the projected Dec. 15 deadline.
Prices for U.S. consumers jumped 6.8% in November compared with a year earlier, the highest annual inflation rate in 39 years.
U.S. unemployment claims dropped to 184,000 last week, the lowest since September 1969 — offering more evidence that the job market is recovering.
U.S. employers posted 11 million open jobs in October, nearly matching a record high reached in July and a sign that companies were confident enough in the economy to expand.
The House passed a bill that will allow the Senate to raise the U.S. debt limit with a Democrats’ only majority vote, as the deadline draws near.
The Treasury Department may expand reporting requirements on all-cash real estate deals to help crackdown on bad actors' use of the U.S. market to launder money made through illicit activity.
U.S. employers slowed the pace of their hiring in November, adding 210,000 jobs, as the economy contends with inflation and shortages.
U.S. unemployment claims climbed by 28,000 last week to 222,000, even though the U.S. job market has been rebounding from the coronavirus recession.
On Tuesday, the U.S. Treasury Secretary and Chairman of the Federal Reserve testified in front of a Senate committee commenting on rising inflation rates.
President Joe Biden used his first trip to Minnesota as president to promote the recently passed $1.2 trillion infrastructure law and to press Congress for an even bigger climate change and social spending package.
Chair Jerome Powell said that the Federal Reserve will consider acting more quickly to dial back its ultra-low-interest rate policies to counter higher inflation.
Federal Reserve Chair Jerome Powell says that the appearance of a new COVID-19 variant could slow the economy and hiring.
Rising inflation is leading to price increases for millions around the world, forcing people to choose between digging deeper into their pockets or tightening their belts.