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.
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.
The U.S. economy is likely to have slowed in the last three months of the year, ending 2020 smaller than it began. But for some companies, business is now back to pre-pandemic levels.
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.
At her confirmation hearing Tuesday, Treasury Secretary-designate Janet Yellen warned that without more federal help, the recession would last longer and be more painful than necessary.
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.
