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Photo: Brendan Smialowski/AFP via Getty Images

President Biden convened with leaders of the world's largest economies Sunday to address supply chain disruptions and strategize how to fortify the entire "ecosystem over the long term."

The big picture: The global supply chain has struggled against the backdrop of rising demand, labor shortages and manufacturing delays, as countries have begun to emerge from the economic damage they incurred during the coronavirus pandemic.

Details: The president discussed how each county could identify and resolve "bottlenecks," adding that greater coordination among countries is needed to strengthen the supply chain.

  • Biden also announced increased funding to help the international community in the struggle against supply chain disruptions, specifically directed toward alleviating some of the bottlenecks in Mexico and Central America.

What they're saying: "Supply chain is something that most of our citizens never think twice about," Biden said at the summit. "During this pandemic, we've seen delays and backlogs of goods or automobiles or electronics."

The backdrop: The Biden administration has introduced several initiatives domestically to address ongoing disruptions to the supply chain, ranging from issuing executive orders to expanding port operating hours.

Go deeper

Biden's epic failures

Illustration: Shoshana Gordon/Axios

In the two months since signing the $1 trillion infrastructure bill into law, President Biden has by almost every measure bombed big time on the things that matter most.

The big picture: Biden, who marks one year in office next Thursday, has never been less popular nationally, after personally lobbying his party and the public on Build Back Better and voting rights — and failing.

Updated 1 hour ago - Economy & Business

Hybrid work now dominates the knowledge economy

llustration: Eniola Odetunde/Axios

For the first time since the start of the pandemic, most knowledge workers are in hybrid work arrangements, partly remote and partly in-office, a new survey finds.

By the numbers: 58% said they now work this way, in a survey of around 10,000 knowledge workers from the U.S., Europe, Australia and Japan, conducted last November by Future Forum, a research group backed by Slack.

Rents hit all-time high

Data: Zumper; Chart: Axios Visuals

The national median price of a one-bedroom rental apartment in January was up 12% year-over-year, to $1,374 — an all-time high, per Zumper, an online apartment rental site.

Why it matters: Inflation is taking a bigger bite out of people's paychecks these days not only in food and gasoline, but also in housing costs.

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