Any prolonged rail strike could cripple the supply chain that has been slowly recovering from the backlogs and delays that became common during the pandemic.

Inflation and its impact on businesses and consumers remains a key focus for investors.

The figures show that consumers are still providing crucial support for the economy and spending on such discretionary items as furniture, restaurant meals and sporting goods.

U.S. Treasury Secretary Janet Yellen called for the G-20 to take action to fight food insecurity as millions go hungry due to soaring costs for food and other necessities.

The market’s key concern centers on the Federal Reserve’s effort to rein in inflation, and the risk its plan could send the economy into a recession.