The Federal Reserve is opening the door to possible interest rate hikes earlier next year than had been expected, as it wrestles with the highest inflation in nearly four decades.

Businesses across the country, from restaurants to retail, must decide when, not if, to raises prices and by how much.

Hiring slowed sharply last month, even as the unemployment rate fell to 4.2%. Data from the Labor Department suggest the economy was losing steam even before the appearance of a new COVID-19 variant.

President Biden has tapped Jerome Powell to serve a second term as chairman of the Federal Reserve as the economy faces huge challenges, including surging inflation.

Consumer prices were 6.2% higher in October than a year ago as inflation continues to chip away at the buying power of households across the country.

U.S. employers added 531,000 new jobs as the unemployment rate fell to 4.6%. Millions of would-be workers are still on the sidelines, though, leaving the pace of the recovery in doubt.

The U.S. economy slowed sharply in the third quarter as the delta variant and persistent supply chain woes weighed on growth. The months ahead should be better.

The Labor Department says the U.S. added just 194,000 jobs last month, even lower than the lackluster showing in August. The unemployment rate fell to 4.8%.

Hiring slowed in August as a surge in new coronavirus infections weighed on the economic recovery. Employers added just 235,000 jobs last month, a sharp drop from June and July.

Enhanced unemployment benefits launched during the pandemic expire next week, cutting a vital lifeline for millions of jobless Americans. Research suggests most will not find work right away.

Federal Reserve Chairman Jerome Powell says the economy continues its recovery, hinting the central bank could dial back its extraordinary efforts to prop up the economy later this year.

Employers hired more than 1.8 million workers in June and July. But millions of others are still on the sidelines. That's leading to long wait times and is forcing some businesses to turn down orders.

Consumer prices rose 5.4% in July, compared to a year ago. Here's one thing to watch going forward: How rising wages impacts inflation.

As the U.S. economy continues to rebound from the pandemic recession, lots of people are going back to work — but not as quickly as many employers would like. Employers added 943,00 jobs in June.

Average wages for nonmanagers at restaurants and bars hit $15 an hour in May, but many say no amount of pay would get them to return. They are leaving at the highest rate in decades.