Scott Horsley

By the standards of the last major inflation spike four decades ago, the current inflation rate is mild.

Consumer prices continue to climb at a rapid rate. The latest inflation data from the Labor Department also reflects how the pandemic is reshaping what Americans spend money on.

The latest inflation measurement for January is expected to show another sharp increase in consumer prices.

Consumer prices in January were up 7.5% from a year ago, the biggest annual gain since 1982. That may seem like a lot for those under 40, but older folks have lived through even sharper price hikes.

Inflation is higher than people under 40 have seen. But their parents lived through sharper price hikes in the 1970s and '80s. These experiences are helping shape the way both view today's economy.

U.S. employers added 467,000 jobs last month despite a surge of coronavirus infections. The unemployment rose to 4% from 3.9% in December.

Friday's jobs report is expected to show the fallout from the omicron wave of coronavirus infections, which reached its peak last month. Analysts expect stronger job gains in the months to come.

The Senate Banking Committee held confirmation hearings for three of President Biden's Federal Reserve Board nominees. The nominees were quizzed on their approach to inflation and climate change.

Markets went on such a roller-coaster ride this week that it even stumped the most veteran investors. The Federal Reserve plans to start raising interest rates to tackle inflation.

Labor costs rose at their fastest pace in more than two decades last year. That growth eased a bit in the final months of 2021, which could give the Federal Reserve's inflation watchdogs some relief.

The U.S. economy grew last year at the fastest pace since 1984, but growth was tempered by successive waves of the pandemic.

The U.S. will report its economic growth data for the October-December quarter, a period marked by high inflation, supply chain woes and labor shortages.

The Federal Reserve is preparing to raise interest rates sooner and — perhaps — more aggressively after inflation reached the highest in nearly 40 years.

Former Treasury official Sarah Bloom Raskin and economists Lisa Cook and Philip Jefferson are the three nominees Biden announced for the Fed board on Friday.

Consumer prices were 7% higher in December than the year prior — the sharpest increase in nearly four decades. Many expect the Federal Reserve to raise interest rates to try to bring inflation down.

Consumer prices are soaring at their highest annual pace in almost 40 years. Some progressives such as Sen. Elizabeth Warren blame corporate profiteering, but most economists scoff.

Federal Reserve chairman Jerome Powell appeared before the Senate Banking Committee, which is considering his nomination for a second term. The central bank is under pressure to confront inflation.

U.S. employers added 199,000 jobs in December — less than half the number than forecasters had expected. At the same time, the unemployment rate dropped to just 3.9%.

U.S. employers added 199,000 jobs in December as the unemployment rate fell to 3.9%, marking a second consecutive month of disappointing numbers.

Rising coronavirus cases are forcing the cancellation of sporting events, Broadway shows and in-person meetings. Economic fallout from the new omicron variant could come next.