What you need to know about America’s economy.
The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said.The lowest wage that American workers are willing to take in order to accept a new job has hit a record high this year, survey results show.Americans are burning through the excess savings they accumulated during the COVID-19 pandemic thanks to a big burst of stimulus money from the federal government and limited spending.
President Joe Biden says high-speed internet is no longer a luxury but rather an “absolute necessity."Chair Jerome Powell reiterated that the Federal Reserve will likely raise interest rates at least once more this year because of persistently high inflation in the economy’s service sector and the surprisingly tight job market.
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