The Federal Reserve raised interest rates by a quarter percentage point and signaled six more such hikes this year, launching a campaign to tackle the fastest inflation in four decades even as risks to economic growth mount.

Growth in U.S. retail sales slowed in February after surging a month earlier, suggesting that consumers tempered their spending in some categories as inflation limited purchasing power.

Applications for U.S. state unemployment insurance rose unexpectedly for a second consecutive week to the highest in two months, suggesting that the recent surge in COVID-19 cases could be leading to dismissals.

A measure of U.S. service providers pulled back abruptly in December after soaring to a record a month earlier, reflecting more moderate growth in business activity and orders.

U.S. companies in December added the most jobs in seven months, indicating that more Americans are returning to the labor force and helping employers to fill a near-record number of open positions.

Orders placed with U.S. factories for durable goods rose in November by the most in six months, exceeding forecasts and pointing to steady demand that will help drive production growth in early 2022.

The U.S. economy grew at a modest to moderate pace through mid-November while price hikes were widespread amid supply chain disruptions and labor shortages, the Federal Reserve said.

Production at U.S. factories rose in October by more than forecast, bouncing back from the effects of Hurricane Ida and suggesting manufacturers are having a better time addressing materials shortages.

U.S. consumer prices rose in October at the fastest annual pace since 1990, cementing high inflation as a hallmark of the pandemic recovery and eroding spending power even as wages surge.

U.S. companies added more jobs than forecast in September, the most since June, suggesting that ongoing hiring challenges are beginning to ease as more Americans return to the workforce.