Exxon Mobil Corporation and Chevron Corporation on Friday disclosed plans to expand drilling in the top US shale basin after posting their biggest quarterly profits in years.

US consumer spending increased solidly in September, but was partly flattered by higher prices, with inflation remaining hot as shortages of motor vehicles and other goods persisted amid global supply constraints.

President Joe Biden has bet that the high US inflation rate will decline and help the case for the spending plans he’s staked his presidency on, but data released Friday instead showed prices remaining stubbornly high in the world’s largest economy.

New orders for US-made capital goods increased to a record high in September and shipments surged, pointing to strong business spending on equipment, though stretched supply chains likely hampered overall economic growth in the third quarter.

US consumer confidence unexpectedly rose in October as concerns about high inflation were offset by improving labor market prospects, suggesting economic growth was picking up after a turbulent third quarter.

Google’s parent company Alphabet announced profits Tuesday that jumped to $18.9 billion, even as the online colossus faces increased regulatory pressure and shifting of the lockdown lifestyles that have so benefited Big Tech.

Facebook announced over US$9 billion in quarterly profits on Monday, hours after a US news collective published a deluge of withering reports arguing the company prioritises its growth over people’s safety.

Labor shortages may be the most intractable of the cost risks that US companies faced in the latest quarter, and as the earnings season moves into its peak there are signs the problem will persist, some strategists say.

The US government is once again nearing the limit on how much debt it can take on, a familiar deadline that will force the country’s political elite into high-stakes negotiations over averting a default.

Inflation in the United States, pushed upward by pandemic-related supply and labor problems, should return to more moderate levels in the second half of next year, Treasury Secretary Janet Yellen said Sunday.

US Democrats are expected to unveil a tax plan on Monday that would seek to raise hundreds of billions of dollars from the country’s roughly 700 billionaires to help pay for expanding the social safety net and tackling climate change.

To keep the taps at his recently opened beer tasting room flowing, Peter Chekijian had no choice but to ask his main employees to come in seven days per-week.

The US budget deficit narrowed slightly in the past year as the economy recovered from the pandemic, falling $360 billion to $2.8 trillion, the government reported Friday.

Supply bottlenecks and labor shortages have slowed US economic growth and contributed to a sharp rise in prices, the Federal Reserve said Wednesday.

Global finance officials are worried about rising inflation pressures but there it is little fear that it will become a  “runaway train,” IMF chief Kristalina Georgieva said Sunday.

The US transportation secretary on Sunday warned that America’s supply chain woes including clogged ports will drag into next year, potentially cramping the upcoming holiday shopping season in the world’s largest economy.

Thousands of workers remain on strike across the United States demanding higher pay and better conditions despite Hollywood make-up artists and camera operators reaching a deal over the weekend to avoid a walkout, and the tight jobs market has only emboldened them.

The long sheds at North America’s largest bitcoin mine look endless in the Texas sun, packed with the type of machines that have helped the United States to become the new global hub for the digital currency.

Supply chain woes and growing inflation concerns pushed aside a widening gap in Covid-19 vaccinations and mounting debt problems for developing countries as the top concerns for global policymakers at International Monetary Fund and World Bank annual meetings this week.

Stocks surged globally on Friday in their best day in five months as strong US corporate earnings reports fueled optimism about the economy, though three-year-high oil prices kept inflation risks alive and lifted government bond yields.