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Increased inflation tightens squeeze on consumers

Retail sales took an unexpected dip in December in what could be a signal that persistently rising inflation is prompting a pullback in consumer spending.

2021 US minimum wage increased but not enough with inflation; numbers vary by gender and race

Weekly earnings of US full-time workers picked up at the end of 2021 from a year earlier, but significantly less than inflation, government figures showed Wednesday.

China calls for building an open world economy to create better post-COVID society

Building an open world economy, embracing cooperation against the pandemic and revitalizing global development – the three aspects highlighted in Chinese President Xi Jinping's speech at the WEF virtual session on Monday – are clues to the answer, as well as the solutions to other major global challenges.

US initial jobless claims rose to highest since mid-November

Initial unemployment claims totaled 230,000 in the week ended Jan. 8, up 23,000 from the prior period, Labor Department data showed Thursday.

Inflation in US registers biggest annual gain since 1982
Consumer prices soared last year by the most in nearly four decades, illustrating red-hot inflation that sets the stage for the start of Federal Reserve interest-rate hikes as soon as March.

Omicron whips through the workforce, pushing overstretched staffs to the brink
Restaurants are shutting down. Construction jobs are being delayed. Retailers are limiting hours. And some small business owners are at the breaking point.

Latest Headlines in Economy

A shopper passes now hiring sign outside a Target store on Black Friday on Friday, Nov. 26, 2021, in Everett, Mass.

US weekly unemployment claims drop to 198,000

The numbers suggest that the fast-spreading omicron variant has yet to trigger a wave of layoffs.

Larry Edelman
COVID has disrupted global supply chains, including shipping through the Port of Los Angeles, and caused prices of many goods to soar. Omicron may complicate the Federal Reserve's efforts to cool inflation.

Omicron and inflation: a one-two punch that will put us all to the test

The nation will need to respond deftly to both challenges without unduly damaging the economy. Striking the right balance won’t be easy.

Pandemic again forces delay in plans for next Davos meeting

The World Economic Forum is again delaying its much-ballyhooed annual meeting of world leaders, business executives and other elites in Davos, Switzerland.

The Marriner S. Eccles Federal Reserve building in Washington on Dec. 5, 2021.

Fed shifts to inflation battle, winding down pandemic support

Federal Reserve policymakers moved into inflation-fighting mode Wednesday, saying they would cut back more quickly on their pandemic-era stimulus at a moment of rising prices and strong economic growth, capping a challenging year with a policy shift that could usher in higher interest rates in 2022.

Larry Edelman
Price increases for gasoline, shelter, food, and vehicles last month pushed inflation to its highest level since 1982.

Stubbornly high inflation puts heat on Biden and the Fed

Economic forecasting is tough to do with precision. The pandemic vastly complicated matters by distorting consumer spending patterns, disrupting supply lines, and leaving many companies short of workers.

Randal Quarles, vice chairman of supervision at the U.S. Federal Reserve, speaks during the Milken Institute Global Conference in Beverly Hills, Calif., on Oct. 20, 2021.

Randal Quarles to leave Fed’s board, giving Biden another slot

He will resign from the Federal Reserve’s Board of Governors at the end of the year after completing a four-year term as its top bank regulator.

Larry Edelman
The Moderna headquarters in Cambridge.

Moderna millionaires and the double-edged sword of stock market riches

The state's thriving life sciences and tech sectors are creating fortunes, bolstering the economy — and widening the wealth gap.

A shopper browses in the meat section at an Aldi Stores Ltd. food market in Illinois in 2017.

US consumer spending up a modest 0.6 percent with inflation high

Friday’s report from the Commerce Department also showed that personal incomes, which provide the fuel for spending, fell 1 percent in September the biggest decline in four months.