Latest U.S. Department of Commerce News
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...
Retail sales rose at healthy pace last month in latest sign of US economy's health
WASHINGTON (AP) — Consumers stepped up their spending at retail stores last month, providing a boost to the economy in the early phases of the winter holiday shopping season. Retail sales rose 0.7% in November, the Commerce Department said Tuesday, a solid increase and higher than...
Next Week: Retail sales, Fed policy update, existing home sales
A look at some of the key business events and economic indicators upcoming this week. Tracking retail sales The Commerce Department releases its monthly snapshot of U.S. retail sales Tuesday. Retail sales rose 0.4% in October from the previous month, more...
US expands list of Chinese technology companies under export controls
BANGKOK (AP) — The U.S. Commerce Department has expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity...
This Week: Construction spending, Campbell’s Co. earnings, November jobs report
A look at some of the key business events and economic indicators upcoming this week. Under construction The Commerce Department releases its latest snapshot of U.S. construction spending Monday. Economists project that spending slipped 0.1% in October...
US economy grows at 2.8% pace in third quarter on consumer spending, unchanged from first estimate
WASHINGTON (AP) — The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth. U.S. gross domestic product...
US consumer price increases accelerated last month with inflation pressures resilient
WASHINGTON (AP) — Consumer price increases accelerated last month, the latest sign that inflation's steady decline over the past two years has stalled in recent months. According to the Federal Reserve's preferred inflation gauge, consumer prices rose 2.3% in October from a year...
Commerce Department to reduce Intel's funding on semiconductors
LOS ANGELES (AP) — The Biden administration plans on reducing part of Intel's $8.5 billion in federal funding for computer chip plants around the country, according to three people familiar with the grant who spoke on the condition of anonymity to discuss private conversations. ...
Trump picks Dr. Oz to run Medicare and Medicaid, Linda McMahon for Education, Lutnick for Commerce
WASHINGTON (AP) — President-elect Donald Trump on Tuesday tapped billionaire professional wrestling mogul Linda McMahon to be secretary of the Education Department, tasked with overseeing an agency Trump has promised to dismantle. He also selected Dr. Mehmet Oz, a former television talk show host...
What to know about Howard Lutnick, Trump's pick for commerce secretary
WASHINGTON (AP) — President-elect Donald Trump has chosen Howard Lutnick, head of brokerage and investment bank Cantor Fitzgerald and cryptocurrency enthusiast, as his nominee for commerce secretary. The nomination would put Lutnick in charge of a sprawling Cabinet agency that is...
