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The United States economy contracted at a 0.9% annual pace last quarter, raising fears that the nation may be approaching a recession.
Inflation's relentless surge didn't merely persist in June. It accelerated. For the 12 months ending in June, the government's consumer price index rocketed 9.1 percent, the fastest year-over-year jump since 1981.
A measure of inflation that is closely tracked by the Federal Reserve jumped 6.3% in May from a year earlier, unchanged from its level in April.
Federal Reserve Chair Jerome Powell said there's "no guarantee" the central bank can tame runaway inflation without hurting the job market.
Sri Lanka’s economy, which a few years ago enjoyed strong growth that provided jobs and financial security, is now in a state of collapse, dependent on aid from India and other countries as its leaders desperately try to negotiate a…
America's employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs.
Treasury Secretary Janet Yellen has urged world finance leaders to "get concrete" as they look for ways to combat a looming crisis over food insecurity around the global that Russia's war in Ukraine has made worse.
President Joe Biden says he plans to nominate Michael Barr to be the Federal Reserve's vice chairman of supervision.
Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.
America's employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy's resilience in the face of a still-destructive pandemic, Russia's war against Ukraine and the highest inflation in 40 years.
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