Latest U.S. Department of Commerce News
U.S. economy grows solid 2.3% in October-December on eve of Trump return to White House, 2.8% in '24
WASHINGTON (AP) — A humming American economy ended 2024 on a solid note with consumer spending continuing to drive growth, and ahead of what could be a significant change in direction under a Trump administration. The Commerce Department reported Thursday that gross domestic...
Trump's Commerce Secretary nominee, Howard Lutnick, vows to sell his business interests in 90 days
WASHINGTON (AP) — Billionaire financier Howard Lutnick, President Donald Trump's choice to lead the Commerce Department, said Wednesday that he would sell all of his business holdings within 90 days. “I will divest, I will sell all of my interests, my business interests, all of...
Next week: General Motors earnings, Fed policy meeting and the government's first Q4 GDP estimate
A look at some of the key business events and economic indicators upcoming next week. GM results General Motors reports its fourth-quarter financial results on Tuesday. Wall Street expects the Detroit automaker earned $1.82 per share on $44.6 billion in...
Commerce Secretary Raimondo offers a parting shot at Trump and advice for Democrats' future
WASHINGTON (AP) — When Commerce Secretary Gina Raimondo looks at Donald Trump, she says she sees a president-elect who for all of his aggressive talk is afraid to let America compete with the rest of the world, responding instead with tariffs and curtailing immigration. “What...
American shoppers wrap up the year in a spending mood, boding well for the U.S. economy
American consumers wrapped up the year in a spending mood, buying all sorts of merchandise from furniture to clothing and eating out at restaurants, according to the latest government snapshot. The figures, announced Thursday, marked a clear sign that consumers are still able and...
Trump says he will create an 'External Revenue Service' agency to collect tariff income
WASHINGTON (AP) — President-elect Donald Trump on Tuesday announced plans to create a new agency called the External Revenue Service to collect tariffs and other revenues from foreign nations. “We will begin charging those that make money off of us with Trade, and they will...
Next Week: Producer prices, consumer prices, retail sales
A look at some of the key business events and economic indicators upcoming next week. Inflation barometer The Labor Department releases its producer price index for December on Tuesday. The index measures inflation at the wholesale level, before...
Next Week: Retail sales, newly constructed homes, unemployment benefit claims
A look at some of the key business events and economic indicators upcoming next week. Retail review Redbook Research releases its weekly gauge of retail sales on Tuesday. The report is a key indicator of retailers’ performance because it measures...
U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate
WASHINGTON (AP) — The American economy grew at a healthy 3.1% annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate. Third-quarter growth in U.S. gross domestic product...
US effort to curb China's and Russia's access to advanced computer chips 'inadequate,' report finds
WASHINGTON (AP) — The Commerce Department's efforts to curb China's and Russia's access to American-made advanced computer chips have been “inadequate” and will need more funding to stymie their ability to manufacture advanced weapons, according to a report published Wednesday by the Senate's...
