Two months after US President Joe Biden announced an unprecedented effort among major oil consuming economies to work together to bring down rising fuel prices, prices are again approaching multi-year highs. And Biden has few options to stop the rally.

High demand for groceries combined with soaring freight costs and Omicron-related labor shortages are creating a new round of backlogs at processed food and fresh produce companies, leading to empty supermarket shelves at major retailers across the United States.

The wave of US price increases that have battered consumers in recent months should slow this year, as supply and transportation issues are resolved, a top Federal Reserve official said Friday.

Global cryptocurrency funds racked up steep gains last year after most digital currencies soared in price, led by bitcoin and ether amid strong institutional interest and greater acceptance from regulators worldwide, according to BarclayHedge, a division of Backstop Solutions

US retail sales dropped by the most in 10 months in December, likely the result of Americans starting their holiday shopping in October to avoid empty shelves at stores.

A downturn in the US manufacturing sector in the final month of 2021, notably the hard-hit auto sector, caused overall industrial output to dip in December, the Federal Reserve said Friday.

Global growth will “decelerate markedly” this year, but the Omicron variant of Covid-19 that is spreading rapidly worldwide could make the situation worse and exacerbate labor shortages and supply chain snarls, the World Bank warned Tuesday.

Federal Reserve Chair Jerome Powell will highlight the central bank’s efforts to fight inflation and stabilize the US economy at his confirmation hearing, according to testimony released Monday.

Interactive comment sections and virtual reality headsets: internet-connected fitness gear and services have boomed during the pandemic as at-home athletes seek a proxy for gym life.

A racecar with nobody at the wheel snaked around another to snatch the lead on an oval track at the Consumer Electronics Show in Las Vegas Friday in an unprecedented high-speed match between self-driving vehicles.

With US inflation high and the Federal Reserve expected to hike interest rates within months, President Joe Biden said on Friday he had faith in the central bank’s ability to manage price increases.

The US economy ended 2021 on a sour note with a worse-than-expected employment report that underscored the challenges awaiting President Joe Biden in the new year as the Omicron variant runs rampant and his legislative agenda stalls.

US private payrolls increased more than expected in December, pointing to underlying labor market strength, but sky-rocketing Covid-19 infections could slow momentum in the months ahead.

Federal Reserve officials last month were concerned about the Omicron impact, but believed the US economy had recovered enough from the pandemic downturn that interest rate hikes could come sooner than expected, according to minutes of the December meeting released Wednesday.

The US government on Tuesday said it had won its fight with Ottawa over restrictions in the Canadian dairy market, claiming victory in the first-ever dispute under the revamped North American free trade pact.

US manufacturing activity slowed in December amid a cooling in demand for goods, but supply constraints are starting to ease and a measure of prices paid for inputs by factories fell by the most in a decade.

Apple became the first US company to hit $3 trillion in market value, briefly reaching the landmark on Monday in the latest demonstration of the tech industry’s pandemic surge.

Holiday events have been scrapped in droves, thousands of flights canceled, cruises are now off limits: the Omicron variant has wreaked havoc in the United States, and the new year could see more issues exacerbating the worker shortage and price increases.

US consumers were in the mood to spend this holiday season, with retail sales soaring 8.5 per cent over last year, a study released Sunday showed.

Sales of US military equipment to foreign governments fell 21 per cent to $138 billion in the latest fiscal year, the US State Department said on Wednesday, as the Biden administration shifts away from some of the more aggressive arms sales practices under former President Donald Trump.