Latest U.S. Department of Commerce News
Retail sales were unchanged in April from March as inflation and interest rates curb spending
NEW YORK (AP) — Americans unexpectedly paused their spending in April from March as inflation continued to sting and elevated interest rates made taking on debt more burdensome. Retail sales were unchanged, coming in well below economists' expectations, and follow a revised 0.6%...
Editorial Roundup: Minnesota
Minneapolis Star Tribune. May 1, 2024. Editorial: In the cellar with Minnesota state Sen. Nicole Mitchell An evenhanded process is needed for dealing with legislator behavior. Here’s what’s not subject to interpretation: State Sen. Nicole Mitchell...
Confidence of US consumers continues to decline as Americans worry about the future
WASHINGTON (AP) — U.S. consumer confidence deteriorated for the third straight month as Americans continue to fret about their short-term financial futures with prices and interest rates still elevated. The Conference Board, a business research group, said Tuesday that its...
Commerce Department announces new restrictions on U.S. firearms exports
WASHINGTON (AP) — The Commerce Department on Friday announced new restrictions on U.S. firearms exports in an effort to prevent the guns from ending up in the hands of drug traffickers and criminals in other nations. Oversight of legal firearms exports has become a political...
This week: economic growth, unemployment, inflation update
Economic gauge The Commerce Department releases its initial estimate of first-quarter economic growth on Thursday. Economists expect growth slowed to just 2% in the first quarter of 2024, down from 3.4% in the final quarter of 2023 and 4.9% in the third quarter....
Retail sales surge 0.7% in March as Americans seem unfazed by higher prices with jobs plentiful
NEW YORK (AP) — Americans boosted spending at a hotter-than-expected pace in March, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges. Retail sales rose 0.7% last month — almost double what economists had forecast — after...
Biden administration agrees to provide $6.4 billion to Samsung for making computer chips in Texas
WASHINGTON (AP) — The Biden administration has reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas. The funding announced Monday by the Commerce Department is part of a...
US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate
WASHINGTON (AP) — The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. The government had previously estimated that the economy expanded at a 3.2% rate last quarter. The Commerce...
This Week: Housing starts, Fed policy update and existing US home sales
A look at some of the key business events and economic indicators upcoming this week TRACKING HOME CONSTRUCTION New government data on residential construction should provide insight into the state of the new-home market. The Commerce Department is...
February retail sales up 0.6%, yet fissures emerge in what has been a driving force for US economy
NEW YORK (AP) — Americans picked up their spending a bit in February after pulling back the previous month. But last month’s gain was weaker than expected, and January’s decline was revised even lower, suggesting that many are growing more cautious with their money. Retail...
