U.S. economy

Prices are jumping as the economy rebounds from the pandemic, but the Biden Administration and the Federal Reserve say a return to 1970s-style inflation is unlikely.

U.S. employers added 266,000 jobs last month, far fewer than analysts had expected. The unemployment rate rose to 6.1%.

The U.S. economy grew at a rapid pace in the first three months of the year as more people got vaccinated and the federal government pumped hundreds of billions of dollars into people's pockets.

Retail sales jumped nearly 10% in March, as shoppers, flush with $1,400 relief payments, are feeling more confident about venturing out. Weekly unemployment claims dropped to a pandemic low.

The Federal Reserve chairman tells NPR that the U.S. economy is on a clear path to recovery thanks to the Fed's rescue plan and the stimulus passed by Congress.

The Federal Reserve has raised its forecast for economic growth, thanks to an improving public health outlook and trillions of dollars in federal spending.