U.S. economy

Meanwhile, the unemployment rate dipped to 6.2% last month as the winter wave of coronavirus infections eased.

Backers of the president's ambitious stimulus plan say it will help struggling families and businesses, but critics say it goes too far.

Powell warned it will take time to put millions of jobless Americans back to work, while also downplaying inflation threats.

Retail sales soared 5.3% last month compared to December, much more than anticipated, as U.S. families began receiving new federal coronavirus relief checks.

U.S. employers added 49,000 jobs last month, after a pandemic-driven slump in December. Unemployment fell to 6.3%.

The Commerce Department says the U.S. economy grew just 1% in the last three months of the year, as a rise in coronavirus infections weighed on in-person businesses like restaurants.

Janet Yellen was confirmed by the Senate to serve as Treasury secretary. She'll be the first woman to hold that post and will lead the Biden administration's efforts to address the pandemic recession.

New claims for state unemployment benefits dipped last week but remained high, showcasing the economic challenges facing President Biden.

In the pandemic, a third of Americans struggle to pay usual costs, even some earning over $100,000. But living on the edge financially is nothing new in the U.S. Three households share their budgets.

U.S. employers added just 245,000 jobs last month as the runaway pandemic continued to weigh on hiring. The unemployment rate fell to 6.7% from 6.9% in October.

The Labor Department likely will report Friday a sharp slowdown in job growth in November as a surge in coronavirus cases weighs on many businesses.

Joe Biden plans to nominate the former Federal Reserve chair as his Treasury secretary. She would play a leading role in helping the economy recover from the pandemic.