The Commerce Department has been in the news recently due to its involvement in various economic initiatives and policies aimed at bolstering domestic industries and trade. This includes efforts to support semiconductor companies like GlobalFoundries to enhance chip production in the U.S., as well as expanding export controls to prevent China from acquiring advanced computer chips and manufacturing equipment. Additionally, the department has been releasing key economic data such as construction spending reports and trade gap snapshots, providing insights into the state of the U.S. economy.
The United States Department of Commerce is a federal executive department responsible for promoting economic growth and job creation. It oversees a wide range of activities, including gathering economic and demographic data, issuing patents and trademarks, conducting the national census, and promoting international trade. The department plays a crucial role in formulating and implementing policies related to commerce, industry, and technology, with a focus on supporting businesses, entrepreneurs, and workers across the country. Through its various bureaus and agencies, the Commerce Department works to foster a competitive and innovative economic environment while ensuring fair trade practices and compliance with regulations.
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"If you think about national security today in 2024, it's not just tanks and missiles; it's technology," she told "60 Minutes."
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In Beijing’s Tongming Lake IT City, a group of prominent Chinese firms are leading efforts to become self-sufficient in core technology.
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The Biden administration is awarding substantial grants and loans to semiconductor companies, such as GlobalFoundries, to bolster domestic production of semiconductors in New York and Vermont.
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The US economy grew at a 3.3% annualized rate in the fourth quarter, surpassing expectations, while inflation remained subdued.
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The Federal Reserve’s preferred measure of inflation rose less than expected in November, bolstering bets that the central bank will begin cutting interest rates next year. The Personal Consu…
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The US economy is showing signs of improvement as inflation eases and consumer spending remains strong.
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UK restaurant chains, including Tortilla Mexican Grill, are experiencing lower-than-expected sales growth due to subdued consumer confidence and cost pressures.
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The Biden administration has allocated $35 million to BAE Systems to increase production of computer chips for military aircraft, in line with the CHIPS and Science Act.
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The US economy grew at a 5.2% annual pace in the third quarter, outpacing previous estimates and defying predictions of a slowdown.
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US online spending hit $9.8 billion on Black Friday and $12.4 billion on Cyber Monday, setting new records.
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The US Commerce Department has broadened its export controls to stop China from acquiring advanced computer chips and the equipment to manufacture them.
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The number of job openings rose unexpectedly in August, and unemployment claims remained at 209,000 for the week ending Oct. 7.
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The Commerce Department is releasing its monthly tally of US construction spending and its snapshot of the nation's trade gap.
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Forecasts predict a slowdown in major economies, with Germany and the Eurozone facing contraction and the US expecting a decline in consumer spending.
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Walmart adjusts pay scale for new store workers, resulting in lower starting hourly pay rates for some roles.
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Private sector activity in the UK and Germany has declined, with the UK's purchasing managers' index falling to its lowest level in two and a half years and Germany's monthly purchasing managers' index slumping to its worst level in over three years.