Latest U.S. Department of Commerce News
This Week in Business: housing market and inflation updates, Federal Reserve insight
Housing market update The Commerce Department delivers data on April newly constructed home sales Tuesday. Economists forecast that sales slowed last month to a seasonally adjusted annual rate of 650,000 homes from 683,000 in March. The housing market has cooled since...
Retail sales up 0.4% in April, buoyed by solid job market and declining prices in some areas
NEW YORK (AP) — Americans picked up their spending modestly in April, spending money online and dining out, buoyed by a solid job market and a retreat in prices for some things. Car sales also rose despite prices that continue to soar, according to the Commerce Department report...
This Week in Business: retail sales, Target results, existing home sales
RETAIL RECEIPTS The Commerce Department on Tuesday releases retail sales data for April. Analysts expect that sales improved last month, rising 0.8% from March to April. In March, Americans cut their spending at retail stores for the second straight month, a sign...
Commerce Department starts process to fund tech hubs across the US with $500 million in grants
WASHINGTON (AP) — The Commerce Department on Friday is launching the application process for cities to receive a total of $500 million in grants to become technology hubs. The $500 million is part of a $10 billion authorization from last year's CHIPS and Science Act to stimulate...
House votes to restore solar panel tariffs paused by Biden
WASHINGTON (AP) — The House voted Friday to reinstate tariffs on solar panel imports from several Southeast Asian countries after President Joe Biden paused them in a bid to boost solar installations in the U.S., a key part of his climate agenda. The 221-202 vote sends the measure...
US economy grew at weak 1.1% rate in Q1 in sign of slowdown
WASHINGTON (AP) — The U.S. economy slowed sharply from January through March, decelerating to just a 1.1% annual pace as higher interest rates hammered the housing market and businesses reduced their inventories. Thursday’s estimate from the Commerce Department showed that the...
North Carolina unemployment rate falls to 3.5% for March
RALEIGH, N.C. (AP) — North Carolina's unemployment fell again in March, the state Commerce Department announced Friday, as the number of additional people working surged. The seasonally adjusted rate of 3.5% compares with 3.6% in February. The rate is now at its lowest level since...
China reveals new details of Raytheon, Lockheed sanctions
TAIPEI, Taiwan (AP) — China revealed new details of sanctions it previously announced against two U.S. weapons manufacturers Tuesday, including a ban on Chinese companies doing business with them. China imposed trade and investment sanctions in February on Lockheed Martin and...
Commerce: Q1 Earnings Snapshot
KANSAS CITY, Mo. (AP) — KANSAS CITY, Mo. (AP) — Commerce Bancshares Inc. (CBSH) on Tuesday reported first-quarter net income of $119.5 million. The Kansas City, Missouri-based bank said it had earnings of 95 cents per share. The results exceeded Wall Street...
Biden administration seeks input on AI safety measures
President Joe Biden's administration wants stronger measures to test the safety of artificial intelligence tools such as ChatGPT before they are publicly released, though it hasn't decided if the government will have a role in doing the vetting. The U.S. Commerce Department on...
