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The Latest Breaking News from the Commerce Department

US Economic Growth Slows Significantly In First Quarter

The US economy cooled markedly in the first three months this year, expanding less than anticipated as consumer spending and exports decelerated, according to government data released on Thursday.

International Business Times

Micron gets combined $13.6 billion grant, loan for chip plants - Roll Call

Boise, Idaho-based Micron Technology will receive a $6.1 billion federal grant and $7.5 billion loan to build factories for memory chips.

Roll Call

US CHIPS and Science program puts R&D funding on hold — highlighting intense demand that far exceeded initial expectations

The U.S. Commerce Department halts CHIPS funding for R&D facilities.

Tom’s Hardware

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US Trade Gap Grows In February To Highest Level Since April 2023

The overall trade gap grew to $68.9 billion, up $1.3 billion from a month earlier, the Commerce Department said in a statement.

Latin Times

US agency calls for audits of AI systems to ensure accountability - Roll Call

A Biden administration agency called Wednesday for audits of artificial intelligence systems that would hold tech companies accountable.

Roll Call

Sales Of New US Homes Edge Down Unexpectedly In February

New single-family home sales were at an annual rate of 662,000 last month, seasonally adjusted, 0.3 percent down from the revised 664,000 figure for January, said the Commerce Department.

Latin Times

Intel awarded up to $19.5 billion in grant, loan for US chip production - Roll Call

Intel Corp. will receive up to $19 billion in a grant and loan to expand semiconductor manufacturing at four U.S. facilities.

Roll Call

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Retail Sales In US Rebound Less Than Expected In February

US consumer spending warmed slightly in February, according to government data released Thursday, with retail sales regaining ground after an earlier hit from cold weather.

International Business Times

Pentagon pulls out of Intel's $3.5 billion CHIPS Act grant, expects Commerce Department to foot the bill

The Pentagon pulled out of a plan to give Intel more CHIPS Act funding.

Tom’s Hardware

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

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

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Reason

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.

International Business Times

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.

The Independent UK

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

International Business Times

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.

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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.

Top News

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.

International Business Times

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.

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

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