
-
Indian army says new exchange of gunfire with Pakistan
-
Epstein accuser Virginia Giuffre takes own life in Australia: family
-
Hundreds of buildings damaged, dozens injured in 6.3 Ecuador quake
-
India and Pakistan's Kashmir fallout hits economy too
-
Francis's funeral to be grand farewell to 'pope of the poor'
-
Pogacar faces defiant Evenepoel at Liege-Bastogne-Liege
-
Chelsea eye great escape against Barcelona in Women's Champions League
-
Iran, US to hold new round of high-level nuclear talks
-
'Energy and effort' pay off for Reds as Blues' woes continue
-
Albatross and closing birdie lift China's Liu to LPGA Chevron lead
-
On the horizon? Wave of momentum for high seas treaty
-
Developing countries should fast-track US trade deals: World Bank president
-
Grizzlies' Morant 'doubtful' for must-win game 4 v Thunder
-
Trump in Rome for pope funeral in first foreign trip of new term
-
Trump says Russia-Ukraine deal 'very close' after new Kremlin talks
-
US rookies lead PGA pairs event with McIlroy and Lowry in hunt
-
Trump tariff promises get a reality check
-
Warriors coach Kerr 'relatively optimistic' injured Butler will play game 3
-
Postecoglou hopes 'Stonecutter's Credo' can inspire Spurs
-
PSG lose unbeaten Ligue 1 record ahead of Arsenal showdown
-
Venezuela accuses El Salvador president of 'human trafficking'
-
Own goal takes Sundowns to African final against Pyramids
-
Scores of buildings damaged, 20 injured in Ecuador quake
-
US stocks extend rally as market eyes busy calendar next week
-
Pope's death triggers surge of disinformation he fought against
-
Rovanpera takes control of Rally Islas Canarias
-
Zelensky insists Crimea is Ukrainian as US envoy meets Putin
-
Patel and Mendis help Sunrisers beat Kings in Dhoni's 400th T20
-
Copa del Rey ref statements 'unacceptable': Real Madrid after boycotting final build-up
-
Insurance CEO's accused killer pleads not guilty to federal murder charges
-
FBI arrests Wisconsin judge for shielding undocumented migrant
-
Brazil ex-president Collor de Mello jailed for corruption
-
Zelensky insists Crimea 'belongs' to Ukraine as US envoy meets Putin
-
Real Madrid boycott Copa del Rey build-up over referee complaints
-
Trinidad and Tobago votes for parliament, PM, with opposition in lead
-
IMF chief hails 'constructive' Spring Meetings held under tariff uncertainty
-
Iran FM Araghchi in Oman ahead of nuclear talks with US
-
Dozens of buildings destroyed, 20 injured in Ecuador quake
-
Young Barca must 'enjoy' Real Madrid Copa final fight: Flick
-
Pakistan and India border closure separates families
-
Brazil's Bolsonaro 'stable' after post-surgery setback
-
Catholics in secular Cuba hail Francis as 'bridge'
-
US envoy Witkoff, Putin discuss 'possibility' of direct Russia-Ukraine talks
-
Community seeks answers after French school knife killing
-
German prosecutors seek jail terms in VW 'dieselgate' trial
-
Sabalenka makes winning start at Madrid Open
-
EU, US should de-escalate and negotiate trade deal: IMF Europe director
-
Russia accuses Ukraine of killing general in car bombing
-
Emery wants FA Cup glory and Champions League berth for Villa
-
Buildings destroyed, one injured in Ecuador quake

US economy grew 5.7% in 2021, but Omicron hit looms
The world's largest economy staged a solid recovery last year as it grew at the fastest pace since 1984, but damage from the Omicron variant of Covid-19 still looms.
Surging prices continue to pose a challenge, as inflation picked up speed in the final three months of the pandemic's second year, according to official data released Thursday.
That threatens to dampen the consumer demand that has underpinned the recovery, while supply chain snarls continue to create headaches for businesses, and for President Joe Biden's efforts to return the country to normal.
After the downturn in 2020, US GDP expanded by 5.7 percent last year, the Commerce Department said in its latest quarterly report.
Amid the rise of Omicron in the October-November period, GDP grew 6.9 percent, the data showed. While that topped expectations, economists warn the figure was inflated by businesses' attempts to rebuild depleted inventories.
"The upside surprise came largely from a surge in inventories and the details aren't as strong as the headline would suggest," said Kathy Bostjancic of Oxford Economics.
"What's more, beneath the headline GDP print, the handoff to 2022 is weak. With consumer spending retrenching in December and Omicron dampening economic activity," she said in an analysis.
Ian Shepherdson of Pantheon Macroeconomics agreed, saying the start of the year looks grim: "Our tentative Q1 GDP forecast right now is zero."
But Biden, whose signature social spending bill is stalled in Congress, cheered the report, highlighting "the fastest economic growth in nearly four decades, along with the greatest year of job growth in American history."
And, he said, "for the first time in 20 years, our economy grew faster than China's."
"This is no accident. My economic strategy is creating good jobs for Americans, rebuilding our manufacturing, and strengthening our supply chains here at home to help make our companies more competitive."
- Inflation on the rise -
Ongoing supply snarls and shortages, combined with strong demand for goods fueled by generous government aid, have created a perfect storm of inflationary pressures that have undercut Biden's approval among American voters.
Prices accelerated during the year, peaking in the October-December period with a 6.5 percent surge in the personal consumption expenditures (PCE) price index -- the measure the Federal Reserve focuses on. That was the biggest increase in 40 years.
For the full year, inflation rose 3.9 percent, according to the data, still far above the Fed's two percent goal.
Excluding volatile food and energy prices which have increased sharply in the year, the core PCE price index rose 3.3 percent in 2021, and 4.9 percent in the fourth quarter.
The Federal Reserve on Wednesday issued a clear signal that it plans to begin raising interest rates in March to tamp down inflation, but that also could restrain growth next year.
B.Finley--AMWN