Department of Commerce

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Trump Picks Lutnick for Commerce Secretary

Billionaire investor is CEO of Cantor Fitzgerald

(Newser) - President-elect Trump has chosen billionaire investor Howard Lutnick, the co-chair of his transition team, to serve as commerce secretary. Lutnick, CEO of financial services firm Cantor Fitzgerald, has been advising Trump on economic matters and is a strong supporter of policies including tariffs and lower corporate taxes, the New York ...

New Inflation Numbers Signal an End to the Worst

Fed's favored inflation gauge remains low, signaling that it could cut interest rates in the fall

(Newser) - The Federal Reserve's favored inflation measure remained low last month, bolstering evidence that price pressures are steadily cooling and setting the stage for the Fed to begin cutting interest rates this fall. Prices rose just 0.1% from May to June, the Commerce Department said Friday, up from the...

US Economy's Q2 Provides 'a Perfect Report for the Fed'

GDP grew, but not too much, at 2.8%

(Newser) - The nation's economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates, reports the AP . Thursday's report from the Commerce Department said the gross domestic product—the economy's total output of...

Federal Judge's Ruling Is a Blow to Affirmative Action

He orders Minority Business Development Agency to stop considering race of applicants

(Newser) - A federal judge has ruled that it is unconstitutional for the federal Minority Business Development Agency to focus on developing businesses owned by minorities. In another blow to affirmative action , US District Court Judge Mark T. Pittman permanently banned the agency from "considering or using an applicant's race...

US Economy Is a Hot One Right Now
US Economy Is a
Hot One Right Now
Oct 26, 2023 8:34 AM CDT

US Economy Is a Hot One Right Now

It expanded at a strong 4.9% annual rate during Q3—more than twice the rate of Q2

(Newser) - The nation's economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates, and widespread forecasts of a recession to spend at a brisk pace. The Department of Commerce said the economy expanded last quarter at the fastest pace...

Amid Yearlong Price Pressures, an 'Encouraging Sign'

Federal Reserve's favored inflation gauge slowed sharply last month

(Newser) - The Federal Reserve's favored inflation gauge slowed sharply last month, an encouraging sign in the Fed's yearlong effort to cool price pressures through steadily higher interest rates. Friday's report from the Commerce Department showed that consumer prices rose 0.3% from January to February, down from a...

Trump Executive Orders on TikTok, WeChat Are Replaced

Under new order, Commerce Dept. will complete 'evidence-based' analysis

(Newser) - The White House has dropped Trump-era executive orders that attempted to ban the popular apps TikTok and WeChat and will conduct its own review aimed at identifying national security risks with software applications tied to China, officials said Wednesday. A new executive order directs the Commerce Department to undertake what...

Treasury, Commerce Hit by Hackers in Monthslong Breach

'Unacceptable risk' to government tied back to hugely popular server software

(Newser) - US government agencies were ordered to scour their networks for malware and disconnect potentially compromised servers after authorities learned the Treasury and Commerce departments were hacked in a monthslong global cyberespionage campaign, discovered when a prominent cybersecurity firm learned it had been breached. In a rare emergency directive issued late...

US Treasury Gets Hacked, Sources Say

The National Security Council says it's on the case

(Newser) - Sophisticated hackers have stolen data from the US Treasury and an agency that oversees telecom and Internet policies—but those behind it remain unidentified, insiders tell Reuters . "The United States government is aware of these reports and we are taking all necessary steps to identify and remedy any possible...

TikTok Survives in the US, for Now
TikTok Survives
in the US, for Now
Nov 13, 2020 8:40 AM CST

TikTok Survives in the US, for Now

US ban delayed as administration appeals judge's ruling

(Newser) - The TikToks will keep rolling. The Department of Commerce said Thursday it will delay enforcing President Trump's executive order requiring TikTok to suspend US operations as of midnight Thursday. The department's statement says the order is on hold "pending further legal developments," per the Wall Street ...

One of Trump's Cabinet Members Hospitalized

Commerce secretary Wilbur Ross hospitalized 'for minor, non-coronavirus related issues,' says rep

(Newser) - Commerce Secretary Wilbur Ross, 82, was admitted to a hospital in upstate New York after feeling unwell on Friday evening, reports the AP . “Secretary Ross has been admitted into the hospital for minor, non-coronavirus related issues. He is doing well and we anticipate his release soon," a Commerce...

Economic Growth Slowest in 3 Years
Economic Growth
Slowest in 3 Years
Jan 30, 2020 11:22 AM CST

Economic Growth Slowest in 3 Years

US economy grew at a rate of 2.1% in the 4th quarter of 2019, 2.3% all year

(Newser) - The US economy grew at a moderate 2.1% rate in the final three months of 2019, capping a year when growth slowed significantly due to a weaker global economy and trade war uncertainties, the AP reports. The Commerce Department reported Thursday that the fourth-quarter increase in the gross domestic...

GDP Growth Much Better Than Expected

President Trump's 3% bar is exceeded

(Newser) - The US economy grew at a solid 3.2% annual rate in the first three months of the year, up from 2.2% at the end of 2018, for a far better outcome than expected, per the AP . However, about half the gain reflected two factors not expected to last—...

Report: Commerce Chief May Be World-Class 'Grifter'
Wilbur Ross Allegedly Stole
$120M. And Sweet'N Low
investigation
Aug 7, 2018 10:05 AM CDT

Wilbur Ross Allegedly Stole $120M. And Sweet'N Low

Commerce chief accused by 'Forbes' of being among the biggest American 'grifters'

(Newser) - The buzziest political story of the day comes courtesy of Dan Alexander at Forbes , who's out with some devastating allegations against Commerce Secretary Wilbur Ross. Alexander interviewed 21 people who say that Ross, through his private equity firm WL Ross & Co., "siphoned or outright stole a few...

A Big Change Is Proposed to Wildlife Protections

Officials would weigh economic factors in decisions under Endangered Species Act

(Newser) - Those who back the Endangered Species Act won't be happy to read a quote in the New York Times that sums up a story about its fate: "It's probably the best chance that we have had in 25 years to actually make any substantial changes," says...

Dow Breaks 18K for First Time
 Dow Breaks 18K for First Time 
Dec 23, 2014 8:50 AM CST

Dow Breaks 18K for First Time

Plus consumer spending, business investment help US economy grow 5% in 3rd Q

(Newser) - The Dow Jones Industrial Average cruised past 18,000 for the first time ever today, the AP reports. The S&P 500 also broke records this morning, rising six points (0.3%) to 2,084. This followed on the heels of news that the US economy grew at a sizzling...

US Economy Shrank 2.9%— Worst Since '09

Number much higher than expected

(Newser) - The US economy shrank at a staggering annual rate of 2.9% in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago. The Commerce Department says the first-quarter contraction was even more severe than the 1% annual decline...

US to Cede Its Control Over Internet
US to Cede Its Control
Over Internet
Mar 15, 2014 10:06 AM CDT

US to Cede Its Control Over Internet

It will no longer have authority over domain names, Web addresses

(Newser) - The end of an Internet era is near: The US plans to give up its control over the group that manages domain names and Web addresses, reports the Washington Post . The long-planned move means that the Commerce Department does not plan to renew its contract with the Internet Corporation for...

FBI: Our Economic Data Is at Risk

Flaw in system could allow hackers to access 'black box'

(Newser) - The FBI has found "a number of operational vulnerabilities" in the system the government uses to protect sensitive economic information, the Wall Street Journal reports. As part of its long-running attempt to figure out what's behind the suspicious trading activity that often precedes major economic news, the bureau...

Obama to Announce Picks for Commerce, Trade Rep

Longtime fundraiser and top economic adviser will be nominated today

(Newser) - President Obama will name a longtime fundraiser to run the Commerce Department and a top economic adviser as the next US Trade Representative, according to a White House official. Commerce nominee Penny Pritzker, a businesswoman, philanthropist, and Hyatt hotel heiress, is Obama's final pick to fill vacancies among Cabinet...

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