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The Latest Breaking News from the Commerce Department

New Budget Deal Includes $12 Billion 'Cut' That Doesn't Actually Cut Anything

Anatomy of a budget gimmick.

Reason

US New Home Sales Up In 2023, Boosted By Limited Existing Supply

Sales of new US homes jumped in 2023, according to government data released Thursday, supported by a lack of inventory in the existing homes market as mortgage rates remained elevated.

International Business Times

US Economy Closes In On 'Soft Landing' As GDP Grows 3.3% In 2023 Q4

The U.S. Gross Domestic Product (GDP) increased at a 3.3% rate -- well ahead of the 2% projected by Wall Street Journal and Bloomberg.

International Business Times

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US Growth Picks Up In 2023 On Jobs And Consumer Spending

US economic growth was stronger than expected in the final months of 2023, government data showed Thursday, offering a boost to President Joe Biden as he starts his reelection campaign.

International Business Times

US Retail Sales Beat Expectations In December To Wrap Solid Year

US retail sales accelerated more than anticipated in December, closing out a year marked by resilient consumption, government data showed on Wednesday.

International Business Times

New Tariffs on Tin Cans Get Biden Administration Approval

There's no good reason for the government to block Americans' access to cheaper tin cans.

Reason

US Trade Deficit Narrows Unexpectedly In November

The US trade gap narrowed in November as imports and exports both fell while higher interest rates bite, the government reported Tuesday.

International Business Times

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Biden administration announces $162 million to expand computer chip factories in Colorado and Oregon

The Biden administration is providing $162 million to Microchip Technology to support the domestic production of computer chips

The Independent UK

US New Home Sales Slow More Than Expected In November

Sales of new US homes cooled more than anticipated in November, slipping to the lowest level in a year, according to government data released Friday.

International Business Times

Holiday Shopping Gives November Retail Sales A Boost Despite Negative Forecast

US consumers kicked off a strong start to the holiday shopping season, according to the latest data from the Commerce Department, giving retail sales a boost despite negative expectations.

International Business Times

Retail Sales Surge as Americans Embrace Holiday Season

U.S. retail sales rose 0.3% in November, with an increase in restaurant and furniture store spending, signaling consumer power despite inflation.

Top News

US October Trade Deficit Widens Further On Decline In Exports

The US trade deficit continued to grow in October due to a fall in exports, according to government data published Wednesday.

International Business Times

US Fed's Favored Inflation Gauge Slows In October

A key inflation measure used by the US Federal Reserve to set interest rates eased further last month amid declining energy and goods prices, according to government data published Thursday.

International Business Times

Sales Of New US Homes Slow In October

New home sales in the United States decelerated in October, according to government data released Monday, although the market for new properties remains boosted by a lack of inventory for existing ones.

International Business Times

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Barchart

U.S. Consumer Spending Suggests PayPal Could Be a Contrarian Options Play

The Commerce Department reported yesterday that the economy’s annual growth rate was 4.9% in the third quarter, the fastest pace in almost two years, and more than double the second quarter.

The Independent UK

The Commerce Department updates its policies to stop China from getting advanced computer chips

The Commerce Department has updated and broadened its export controls to stop China from acquiring advanced computer chips and the equipment to manufacture them

WEKU

The U.S. imports most of its solar panels. A new ruling may make that more expensive

The Commerce Department says solar panel makers in four Southeast Asian countries are evading U.S. duties on Chinese solar components. The finding could raise costs in the United States.

Fortune

Apple and Amazon will deliver the real barometer of the economy

The twin tech giants, which represent billions in consumer and business spending, will deliver highly-anticipated quarterly reports on Thursday.

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Reason

Taiwanese Company Demands U.S. Taxpayers Cover the Higher Costs of Making Semiconductors in Arizona

Taiwan Semiconductor Manufacturing Company cites regulatory costs and a lack of skilled workers as specific impediments. Biden and Congress can fix those without giving out billions of taxpayer dollars.

Roll Call

Officials juggle several US goals as they award CHIPS money - Roll Call

The Commerce Department has assembled a team to allocate the money Congress provided last year to revitalize the US chip industry.

Reason

Biden Administration Considering New Tariffs That Will Hike Prices for Canned Goods

The Commerce Department and the International Trade Commission are considering a petition that would impose tariffs of up to 300 percent on tinplate steel.

Zenger

Nasdaq Futures Outperform, Economic Data In Focus As Market Seeks Rebound

Tech stocks poised for recovery as market sentiment improves after pullback

The Independent UK

Biden is set to announce how billions of dollars for expanding broadband access will be distributed

President Joe Biden will announce how much money each state is set to receive from the largest-ever federal investment in broadband expansion

The Independent UK

Commerce Department starts process to fund tech hubs across the US with $500 million in grants

The Commerce Department is launching the application process for cities to receive a total of $500 million in grants to become technology hubs

Bangkok Post

US growth cools in first quarter

WASHINGTON: US economic growth lost steam in the first quarter this year, the Commerce Department said on Thursday, as the possibility of a mild recession brews while consumer spending weakens.

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