Latest U.S. Department of Commerce News
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...
US commerce secretary hails progress at year's first meeting of Indo-Pacific trade grouping
BANGKOK (AP) — U.S. Commerce Secretary Gina Raimondo on Thursday praised the progress made by the 14 countries in the Indo-Pacific Economic Framework for Prosperity after the group held a ministerial meeting Thursday to discuss proposed guidelines for regional commerce. Raimondo...
US is constantly assessing expansion of export controls on chips that could boost China's military
MANILA, Philippines (AP) — The United States is constantly assessing the need to expand export controls to stop China from acquiring advanced computer chips and manufacturing equipment that could be used to boost its military, U.S. Commerce Secretary Gina Raimondo said Monday. The...
This week: Consumer prices, wholesale prices, retail sales
A look at some of the key business events and economic indicators upcoming this week. Consumer price check The U.S. government will release data on consumer prices on Tuesday. Analysts expect inflation at the consumer level edged higher in February after...
US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate
WASHINGTON (AP) — The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate. The expansion in the nation's gross domestic...
