
-
'Frightening': US restaurants, producers face tariff whiplash
-
Cuba looks to sun to solve its energy crisis
-
Experts warn 'AI-written' paper is latest spin on climate change denial
-
PSG eye becoming France's first 'Invincibles'
-
Late birdie burst lifts Ryder to Texas Open lead
-
Five potential Grand National fairytale endings
-
Trump purges national security team after meeting conspiracist
-
More work for McIlroy even with two wins before Masters
-
Trump hopeful of 'great' PGA-LIV golf merger
-
No.1 Scheffler goes for third Masters crown in four years
-
Where Trump's tariffs could hurt Americans' wallets
-
Trump says 'very close to a deal' on TikTok
-
Trump tariffs on Mexico: the good, the bad, the unknown
-
Postecoglou denies taunting Spurs fans in Chelsea defeat
-
Oscar-winning Palestinian director speaks at UN on Israeli settlements
-
With tariff war, Trump also reshapes how US treats allies
-
Fernandez fires Chelsea into fourth as pressure mounts on Postecoglou
-
South Korea court to decide impeached president's fate
-
Penguin memes take flight after Trump tariffs remote island
-
E.T., no home: Original model of movie alien doesn't sell at auction
-
Italy's Brignone has surgery on broken leg with Winter Olympics looming
-
Trump defiant as tariffs send world markets into panic
-
City officials vote to repair roof on home of MLB Rays
-
Rockets forward Brooks gets one-game NBA ban for technicals
-
Pentagon watchdog to probe defense chief over Signal chat row
-
US tariffs could push up inflation, slow growth: Fed official
-
New Bruce Springsteen music set for June 27 release
-
Tom Cruise pays tribute to Val Kilmer
-
Mexico president welcomes being left off Trump's tariffs list
-
Zuckerberg repeats Trump visits in bid to settle antitrust case
-
US fencer disqualified for not facing transgender rival
-
'Everyone worried' by Trump tariffs in France's champagne region
-
Italy's Brignone suffers broken leg with Winter Olympics looming
-
Iyer blitz powers Kolkata to big IPL win over Hyderabad
-
Russian soprano Netrebko to return to London's Royal Opera House
-
French creche worker gets 25 years for killing baby with drain cleaner
-
UK avoids worst US tariffs post-Brexit, but no celebrations
-
Canada imposing 25% tariff on some US auto imports
-
Ruud wants 'fair share' of Grand Slam revenue for players
-
Lesotho, Africa's 'kingdom in the sky' jolted by Trump
-
Trump's trade math baffles economists
-
Gaza heritage and destruction on display in Paris
-
'Unprecedented crisis' in Africa healthcare: report
-
Pogacar gunning for blood and thunder in Tour of Flanders
-
Macron calls for suspension of investment in US until tariffs clarified
-
Wall St leads rout as world reels from Trump tariffs
-
Mullins gets perfect National boost with remarkable four-timer
-
Trump tariffs hammer global stocks, dollar and oil
-
Authors hold London protest against Meta for 'stealing' work to train AI
-
Tate Modern gifted 'extraordinary' work by US artist Joan Mitchell

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