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.
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.
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.
The Labor Department says U.S. employers added just 661,000 jobs last month, as unemployment fell to 7.9%, showcasing an economic recovery that is losing steam.
The Federal Reserve is adjusting its long-range policy on inflation and employment. The central bank said it's now more concerned with prices that are too low than with runaway inflation.