Scott Horsley

Labor costs rose at their fastest pace in more than two decades last year. That growth eased a bit in the final months of 2021, which could give the Federal Reserve's inflation watchdogs some relief.

The U.S. economy grew last year at the fastest pace since 1984, but growth was tempered by successive waves of the pandemic.

The U.S. will report its economic growth data for the October-December quarter, a period marked by high inflation, supply chain woes and labor shortages.

The Federal Reserve is preparing to raise interest rates sooner and — perhaps — more aggressively after inflation reached the highest in nearly 40 years.

Former Treasury official Sarah Bloom Raskin and economists Lisa Cook and Philip Jefferson are the three nominees Biden announced for the Fed board on Friday.

Consumer prices were 7% higher in December than the year prior — the sharpest increase in nearly four decades. Many expect the Federal Reserve to raise interest rates to try to bring inflation down.

Consumer prices are soaring at their highest annual pace in almost 40 years. Some progressives such as Sen. Elizabeth Warren blame corporate profiteering, but most economists scoff.

Federal Reserve chairman Jerome Powell appeared before the Senate Banking Committee, which is considering his nomination for a second term. The central bank is under pressure to confront inflation.

U.S. employers added 199,000 jobs in December — less than half the number than forecasters had expected. At the same time, the unemployment rate dropped to just 3.9%.

U.S. employers added 199,000 jobs in December as the unemployment rate fell to 3.9%, marking a second consecutive month of disappointing numbers.

Rising coronavirus cases are forcing the cancellation of sporting events, Broadway shows and in-person meetings. Economic fallout from the new omicron variant could come next.

The Federal Reserve is paving the way for interest rate hikes next year after inflation accelerated to a near 40-year year high in November.

The Federal Reserve is opening the door to possible interest rate hikes earlier next year than had been expected, as it wrestles with the highest inflation in nearly four decades.

Faced with the highest inflation in nearly four decades, the Federal Reserve is expected to adjust its economic support Wednesday. That could set the stage for raising interest rates next year.

Rent costs more this year. So does wrapping paper. Consumer prices overall were up 6.8% in November. That's the highest level of inflation since 1982.

Businesses across the country, from restaurants to retail, must decide when, not if, to raises prices and by how much.

Hiring slowed sharply last month, even as the unemployment rate fell to 4.2%. Data from the Labor Department suggest the economy was losing steam even before the appearance of a new COVID-19 variant.

The latest jobs report from the Labor Department will be a snapshot of the job market before the arrival of the new coronavirus variant.

Partridge prices are flat this year, but a pear tree will cost you more. Compared to overall inflation, though, the gifts in the song could be a relative bargain.

The stock market took a dive on Tuesday, as investors fretted about the new coronavirus variant and the prospect of more long-lasting inflation.