The U.S. trade deficit widened moderately in January as both imports and exports increased strongly.

President Joe Biden's budget proposal on Thursday will aim to cut U.S. deficits by nearly $3 trillion over 10 years, far more than the $2 trillion the administration previously targeted.

U.S. small businesses continued to mend from the coronavirus pandemic last year even as these firms faced considerable challenges from high inflation and scarce labor, a report released by the Cleveland Federal Reserve on behalf of the 12 regional central banks, said Wednesday.

U.S. job openings fell less than expected in January and data for the prior month was revised higher, pointing to persistently tight labor market conditions that likely will keep the Federal Reserve on track to raise interest rates for longer.

U.S. economic activity increased slightly from January through late February and inflation pressures remained widespread, but businesses reported a moderation in price increases that they expect to continue this year, the Federal Reserve said in a report on Wednesday.

Japan's economy narrowly averted a recession in the final months of 2022, barely growing on frail consumption after shrinking in the third quarter, revised data showed, underscoring the challenge for policymakers trying to shore up a wobbly recovery.