COMMERCE DEPARTMENT

The Federal Reserve’s preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed’s series of interest rate hikes are slowing the economy.

The second consecutive quarter of economic growth that the government reported Thursday underscored that the nation isn’t in a recession despite high inflation and the Federal Reserve’s aggressive interest rate hikes.

The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession.

Inflation still remains well above the 2% year-over-year growth the Fed wants to see.

Personal consumption expenditures increased at the lowest rate in over a year, showing the long run-up in prices is likely ending.

A measure of inflation closely watched by the Federal Reserve slowed last month, another sign that a long surge in consumer prices seems to be easing.

The economy's gross domestic product — output in goods and services — grew 3.2% from July through September.

Shrugging off rampant inflation and rising interest rates, the U.S. economy grew at an unexpectedly strong 3.2% annual pace from July through September, the government reported Thursday in a healthy upgrade from its earlier estimate of third-quarter growth.

Wall Street pointed slightly higher in premarket trading as investors await the government’s final inflation-related report of the year.

Consumers pulled back on spending in November, failing to keep up with even a muted level of inflation.

The U.S. economy grew at a 2.9% annual rate from July through September despite high interest rates and chronic inflation, the government said Wednesday in an upgrade from its initial estimate.

Inflation is still a cause for concern, but no other President has had this pace of job growth in their first two years in office.

The Commerce Department is tightening export controls to limit China’s ability to get advanced computing chips, develop and maintain supercomputers, and make advanced semiconductors.

The U.S. is taking the toughest steps yet to restrict China's access to U.S. computing technology, saying Beijing is using it to modernize its military.

The U.S. on Friday sanctioned more than 1,000 people and firms connected to Russia’s invasion of Ukraine, including its Central Bank governor and families of Security Council members, after President Vladimir Putin signed treaties absorbing occupied regions of Ukraine into Russia, in defiance of international law. The Treasury Department named hundreds of members of Russia's legislature, leaders of the country's financial and military infrastructure and suppliers for sanctions designations.

Consumers spent a bit more in August than the previous month, a sign the economy is holding up even as inflation lifts prices for food, rent, and other essentials.

Initial filings for unemployment claims fell last week to their lowest level in five months, a sign that the labor market is strengthening.

The White House and Commerce Department announced the team that will oversee the doling out of $52 billion in federal subsidies for the semiconductor industry, pledging strict oversight to “responsibly spend taxpayer dollars.”

Consumer spending accounts for nearly 70% of U.S. economic activity.

After creating 1.1 million jobs since May, the economy has now recovered all the jobs lost to the pandemic.

Consumer prices were up 6.3% in July from a year earlier, down slightly from an annual 6.8% increase in June, according to the Commerce Department.

Inflation eased last month as energy prices tumbled, raising hopes that the surging costs of everything from gasoline to food may have peaked.

Inflation eased last month as energy prices tumbled, raising hopes that a surge in prices increases may have peaked. According to Commerce Department report Friday that is closely watched by the Federal Reserve, consumer prices rose 6.3% in July from a year earlier after posting an annual increase of 6.8% in June, biggest jump since 1982. Energy prices made the difference in July: They dropped last month after surging in June.

The U.S. economy shrank at a 0.6% annual rate from April through June, the government said in a slight upgrade from its initial estimate.

A group of Sept. 11 victims' family members and survivors held a news conference to protest the Saudi Arabia-backed LIV golf tour hosted by Donald Trump on Friday (July 29) (AP Video/Ted Shaffrey)

Finally, some positive news for President Biden and the Democrats despite the new G.D.P. report.

President Joe Biden declared the inflation-fighting deal Senate Majority Leader Chuck Schumer struck with holdout Sen. Joe Manchin a “godsend” for American families and urged Congress to put politics aside and pass the $739 billion package. (July 28)

The rate is one of several key pieces of economic data expected to be released this week.

The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.

The models that economists have long relied on to analyze inflation have broken down since the coronavirus pandemic began.

Some Trump administration officials had initial doubts that it was legal to put a citizenship question on the 2020 census.

Some Trump administration officials had initial doubts that it was legal to put a citizenship question on the 2020 census but pressed forward and attempted to add it.

U.S. retail sales rose 1% in June from the previous month, from a decline of 0.1% in May, according to the Commerce Department.

Thursday's report from the Commerce Department showed consumer spending is slowing as Americans feel the effects of record-high prices.

It was the first drop in gross domestic product — the broadest measure of economic output — since 2020.

Core personal consumption expenditures prices rose 4.7% from a year ago, 0.2 percentage points less than the previous month but still around levels last seen in the 1980s. On monthly basis, the measure, which excludes volatile food and energy prices, increased 0.3%, slightly less than the 0.4% Dow Jones estimate. While personal income rose 0.5% in May, ahead of the 0.4% estimate, income after taxes and other charges, or disposable personal income, declined 0.1% on the month and 3.3% from a year ago. Goods inflation rose 9.6% while services prices were up 4.7%, both up 0.1 percentage points from April. The personal saving rate edged higher, rising to 5.4%, up 0.2 percentage points from the previous month.

The U.S. economy shrank at a 1.6% annual pace in the first three months of the year even though consumers and businesses kept spending at a healthy pace, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter.

It was the first drop in gross domestic product — the broadest measure of economic output — since the second quarter of 2020, in the depths of the COVID-19 recession, and followed a strong 6.9% expansion in the final three months of 2021. Inflation is running at 40-year highs, and consumer confidence is sinking. Last month, the Commerce Department had pegged first-quarter GDP growth at 1.5%.

Several factors point to a significant slowdown in the economy, but the gloomy forecast isn’t yet a sure thing.

Miami offered $150 for AK-47s and AR-15s. Conservative firearms sites questioned how they would get to Ukraine.

The Biden administration on Wednesday accused three U.S. companies of sending to China blueprints and technical drawings for satellite and rocket technology and other defense prototypes. The Commerce Department leveled the allegations as it blocked the three companies from exporting items to foreign countries for 180 days. The companies — Quicksilver Manufacturing Inc., Rapid Cut LLC, and U.S. Prototype Inc. — provide 3-D printing services to customers that include manufacturers of space and defense technology.

The action takes place just days after the United States announced new sanctions and penalties on Russian oligarchs and elites, Kremlin officials, businessmen linked to President Vladimir Putin.

The Biden administration will invoke the Defense Production Act to increase U.S. manufacturing of solar panels while declaring a two-year tariff exemption on panels from Southeast Asia.

The Commerce Department estimated the economy contracted at a 1.5% annual pace from January through March — the first drop in GDP since 2020.

The U.S. economic contraction to start the year was worse than expected as weak business and private investment failed to offset strong consumer spending.

The U.S. economic contraction to start the year was worse than expected as weak business and private investment failed to offset strong consumer spending.

The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter.

The Atlantic season has experienced a growing number of destructive, rapidly intensifying hurricanes over the past several decades.

With the shadow of neighbouring Russia's war in Ukraine looming large, Finland's conscripts conduct military drills, keeping the rust off their mortars and rifles as the Nordic nation prepares for the worst. Breaking with a long-standing non-alignment in military matters, Finland officially applied to become a member of NATO in response to Russia's invasion.

Placeholder while article actions loadRetail sales jumped 0.9 percent in April, a sign that consumers are still spending despite rising prices, according Commerce Department data released Tuesday. The broad-based increase drew on a burst of activity at car dealerships, where sales jumped 2.2 percent. Analysts said the steady sales increases of recent months show how consumers are weathering inflationary head winds. Walmart saw its revenue increase by 2.4 percent to $141.6 billion for the quarter, but the company’s favored measure of profit fell nearly 0.9 percent. “It just took some time in March and April to get wage costs in line with sales,” McMillon told investors.

Commerce Secretary Gina Raimondo pushed back forcefully Wednesday against critics — including some within the Biden administration — who say a government investigation of solar imports from Southeast Asia is hindering President Joe Biden’s ambitious climate goals.

"For steel mills to continue as an economic lifeline for the people of Ukraine, they must be able to export their steel," Commerce Secretary Gina Raimondo said.

Some special factors reduced headline growth in the first quarter.

Despite solid consumer spending, the nation's GDP fell 1.4% after a drop in exports and government spending.

Gross domestic product unexpectedly declined 1.4% in the first quarter, an abrupt reversal for an economy coming off its best performance since 1984.

A little-known solar-panel maker in San Jose has illuminated a difficult dilemma at the heart of the president’s green agenda.

Major corporations are largely shrugging off inflation on their way to record profits, government data shows.

The Federal Reserve's favorite inflation measure showed intensifying price pressures in February, rising to its highest annual level since 1983, the Commerce Department reported Thursday. Excluding food and energy prices, the personal consumption expenditures price index increased 5.4% from the same period in 2022, the biggest jump going back to April 1983. Including gas and groceries, the headline PCE measure jumped 6.4%, the fastest pace since January 1982. The core PCE increase actually was a touch lower than the 5,5% Dow Jones estimate. Surging prices dented consumer spending, which rose just 0.2% for the month, below the 0.5% estimate.

The personal consumption expenditures price index increased 5.4% from the same period in 2021, the biggest jump going back to April 1983.

Asian stock markets are lower after Chinese manufacturing weakened and Russian shelling around Ukraine’s capital jolted hopes of progress in peace talks.

The Commerce Department says it is investigating whether imports of solar panels from Southeast Asia are circumventing anti-dumping rules that restrict direct imports from China.

Advance retail sales grew 0.3% for the month, slightly below the 0.4% Dow Jones estimate.

Americans are increasingly pessimistic about the economy, with consumer sentiment falling to its lowest in a decade.

A key inflation measure showed that prices rose at their fastest level in nearly 39 years, the Commerce Department reported Friday.

Weekly jobless claims came in slightly less than expected last week and economic growth to end 2021 was slightly better than originally reported, according to government data released Thursday. Initial filings for unemployment insurance totaled 232,000 for the week ended Feb. 19, the Labor Department said. That was a touch below the 235,000 Dow Jones estimate and down 17,000 from the previous week. A separate report showed that gross domestic product, a sum of all the goods and services produced in the U.S. economy, increased at a 7% annualized rate during the fourth quarter, according to the Commerce Department. Please check back here for updates.

Retail sales were expected to rise 2.1% in January from the previous month, according to economists surveyed by Dow Jones.

The Biden administration is raising red flags about 33 Chinese companies whose legitimacy it cannot verify.

With ten months to the midterms, growth is strong but inflation is hurting the chances of Joe Biden and the Democrats.

The U.S. supply of computer chips has fallen to alarmingly low levels, raising the prospect of factory shutdowns.

Asian stock markets have risen after Wall Street hit a new high as fears of the coronavirus’s omicron variant eased.

The U.S. trade deficit narrowed to $67.1 billion in October, the lowest in six months, after hitting a record high in September.

U.S. sales of new homes edged up 0.4% last month, coming in below expectations as housing prices continued to climb.

The U.S. economy expanded at a 6.7% annual pace from April through June, the Commerce Department said Thursday, slightly upgrading its estimate of last quarter’s growth in the face of a resurgence of COVID-19 in the form of the delta variant.

Home construction fell a sharp 7% in July as homebuilders struggled to cope with a variety of headwinds.

General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin.

General Motors is recalling more than 331,000 diesel pickup trucks in the U.S. for a second time because the engine block heater cords can short circuit and cause fires.

The U.S. economy grew at a solid 6.4% rate in the first three months of this year, setting the stage for what economists are forecasting could be the strongest year for the economy in possibly seven decades.

Orders for big-ticket manufactured goods rebounded 0.5% in March as U.S. factories recovered from frigid February weather disruptions.

Sales of new homes surged 20.7% in March to the highest level since 2006, rebounding from a sharp decline the previous month when severe winter storms wreaked havoc in many parts of the country.

U.S. housing construction rebounded strongly in March to the fastest pace since 2006, as home builders recovered from an unusually frigid February.

The U.S. trade deficit grew to a record $71.1 billion in February as a decline in exports more than offset a slight dip in imports, with severe weather taking much of the blame from analysts who were expecting a slightly lower deficit.

GDP in the October-December quarter rose from an estimated rate last month of 4.1%, the Commerce Department reported Thursday. AdEconomists believe all the government relief measures will boost GDP in the current January-March quarter to 5% or higher. Boussour forecast GDP growth for the full year of 7% with annualized growth rates close to 10% in the spring and summer. GDP fell at an annual rate of 5% in the first quarter of 2020, as the COVID-19 pandemic ended the country's record-long economic expansion, which was in its 11th year. GDP plunged by a record 31.4% rate in the April-June quarter and then rebounded by a record rate of 33.4% in the third quarter before slowing to the 4.3% gain in the fourth quarter.

The Commerce Department said Thursday, Jan. 7, 2021, the U.S. trade deficit jumped to $68.1 billion in November as a surge in imports overwhelmed a smaller increase in exports. – The level of imported goods to the U.S. in January reached unprecedented levels and pushed the trade deficit 1.9% higher as the coronavirus pandemic continues to distort global commerce. Exports rose 1% to $191.9 billion, while imports increased 1.2% to $260.2 billion. The trade deficit with Mexico rose $1.6 billion to $11.9 billion in January. Year-over-year, the goods and services deficit climbed to $23.8 billion, or 53.7%, from January 2020.

Spending on U.S. construction projects increased 0.9% in November as strength in home building offset weakness in other parts of the construction industry. – Spending on U.S. construction projects rose 1.7% in January as new home building continues to lift the sector. Spending on residential construction rose 2.5% in January, with single family home projects up 3%, the Commerce Department reported Monday. Last week, the Commerce Department reported that sales of new homes jumped 4.3% in January, and are 19.3% higher than they were last year at this time. Spending on government projects, which has been constrained by tight state and local budgets in the wake of the pandemic, rose 1.7%.

Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units. The Commerce Department said Monday, Oct. 26, 2020, that despite the modest decrease, sales of new homes are up 32.1% from a year earlier, as the housing market remains strong despite the pandemic. – Demand for new homes in the U.S. surged 4.3% in January with the housing market still one of the strongest segments of the economy. Last month's increase pushed sales of new homes to an adjusted annual rate of 923,000, the Commerce Department reported Wednesday. The housing market has remained remarkably resilient in the face of the economic fallout of the coronavirus pandemic.

A sign sits in front of a KB Home construction site, Tuesday, Feb. 2, 2021, in Simi Valley, Calif. U.S. home construction fell 6% in January but applications for building permits rose sharply. (AP Photo/Mark J. Terrill)WASHINGTON – U.S. home construction fell 6% in January but applications for building permits, which typically signal activity ahead, rose sharply. Single-family construction starts dropped 12.2% while construction of apartment units rose 16.2%. And strong sales this year would only extend a banner 2020 when home construction jumped 7% to 1.38 million units. The only region of the country that saw an increase last month was the Northeast, where construction rose by 2.3%.

Shares were mostly lower in Asia on Thursday after a mixed session on Wall Street as losses by technology and industrial companies offset other gains. (AP Photo/Lee Jin-man)TOKYO – Shares were mostly lower in Asia on Thursday after a mixed session on Wall Street as losses by technology and industrial companies offset other gains. Underscoring signs of recovery, the Commerce Department said U.S. retail sales soared a seasonally adjusted 5.3% in January from the month before, the biggest increase since June and much larger than forecast. The yield on the 10-year Treasury slipped to 1.27% from 1.28% late Wednesday, near its highest level in a year. Last month’s jump in retail sales was largely driven by the $600 stimulus checks that went out to most Americans in late December and early January.

The Commerce Department said Thursday, Jan. 7, 2021, the U.S. trade deficit jumped to $68.1 billion in November as a surge in imports overwhelmed a smaller increase in exports. (AP Photo/Ted S. Warren, File)WASHINGTON – The U.S. trade deficit rose 17.7% last year to $679 billion, highest since 2008, as the coronavirus disrupted global commerce and confounded President Donald Trump's attempts to rebalance America's trade with the rest of the world. Services exports dropped 20.4% last year. But that was overwhelmed by a $916 billion deficit in trade in goods such as aircraft and auto parts. In the December, the trade deficit dropped to $66.6 billion, down 3.5% from November.

– Sales of new homes rose 1.6% in December after a big decline in November that was even worse than previously thought. The increase last month pushed sales of new homes to a seasonally adjusted annual rate of 842,000, the Commerce Department reported Thursday, though that was fewer than analysts had projected. And the big drop reported earlier for November's was revised downward further, from 841,000 to 829,000 new homes sold. Regionally sales were uneven in December, with the biggest movement in the Midwest where sales jumped more than 30%. Sales in the Northeast and South fell between 5% and 6%, while the West saw sales increase almost 9%.

The number of newly issued permits to build fresh housing rose 6.2% in November on a seasonally adjusted basis. (AP Photo/David J. Phillip, File)WASHINGTON – U.S. home construction jumped 5.8% in December to 1.67 million units, a 14-year high that topped the strongest annual showing from the country's builders in 15 years. For the year, construction began on 1.45 million units, up 4.8% from 2019 and the best pace since construction starts totaled 1.8 million units in 2006. For December, construction of single-family homes increased by 7.8% to 1.23 million units. Construction rose 13.6% in the Midwest, 11.2% in the West and 1.3% in the South.

(AP Photo/John Raoux)The Trump administration missed a deadline for giving Congress numbers used for dividing up congressional seats among the states, as the U.S. Census Bureau works toward fixing data irregularities found during the numbers-crunching phase of the 2020 census. President Donald Trump on Sunday let slip the target date for transmitting the apportionment numbers to Congress. “The Census Bureau is committed to fixing all anomalies and errors that it finds in order to produce complete and accurate results," said Deborah Stempowski, an assistant director at the Census Bureau, in a court filing last week. The earliest date the apportionment numbers will be ready is March 6, as the Census Bureau fixes anomalies discovered during data processing, Department of Justice attorneys said Monday during a court hearing. Gina Raimondo will be his nominee for Commerce Secretary, which would make her responsible for the final 2020 census numbers instead of current Commerce Secretary Wilbur Ross, if census data processing continues past Jan. 20.

The Commerce Department said Thursday, Jan. 7, 2021, the U.S. trade deficit jumped to $68.1 billion in November as a surge in imports overwhelmed a smaller increase in exports. (AP Photo/Ted S. Warren, File)WASHINGTON – The U.S. trade deficit jumped to $68.1 billion in November, the highest monthly deficit in 14 years, as a surge in imports overwhelmed a smaller increase in exports. The politically sensitive deficit with China rose 1.9% to $30.7 billion in November and totaled $283.6 billion for the first 11 months of 2020. The monthly deficit in goods and services of $68.1 billion was the largest imbalance since August 2006. Michael Pearce, senior U.S. economist at Capital Economics, said that the rising trade deficit would act as a drag on economic growth in the fourth quarter.

The U.S. Census Bureau has found new irregularities in the head count data that determines congressional seat allocations and the distribution of $1.5 trillion in federal spending each year, John Coghlan, a deputy assistant Attorney General, said during a court hearing. Under federal law, the Census Bureau is required to turn in the numbers used for allocating congressional seats by Dec. 31, but the bureau announced last week that the numbers wouldn’t be ready. At the time, the Census Bureau said it would finish the apportionment numbers in early 2021, as close to the end-of-year deadline as possible. The new irregularities discovered by the Census Bureau should come as no surprise, said Rob Santos, president of the American Statistical Association, in an email Monday night. Meanwhile, attorneys for the coalition said they plan to seek court sanctions against Trump administration attorneys for refusing to turn over data and documents they are seeking.

“The delay suggests that the census bureau needs more time to ensure the accuracy of census numbers for all states,” said Terri Ann Lowenthal, a former congressional staffer who specializes in census issues. The Commerce Department oversees the Census Bureau, which conducts the once-a-decade head count of every U.S. resident. They like to maintain the schedule, but that can’t be a priority for them," said Kenneth Prewitt, a former Census Bureau director during President Bill Clinton's administration. The Office of Inspector General said the Census Bureau failed to complete 355,000 re-interviews of households to verify their information was accurate. Former Census Bureau director John Thompson said the quality of the data is “the overarching issue” facing the Census Bureau.

U.S. consumer spending slowed in August and personal income fell as a $600 weekly benefit for Americans who are unemployed during the pandemic expired. The Commerce Department reported Thursday, Oct. 1 that spending grew by just 1%, the weakest growth since spending fell 12.7% in April when rapidly spreading COVID-19 infections shut down large parts of the economy. (AP Photo/Mark Lennihan)WASHINGTON – U.S. consumer spending fell 0.4% in November, the first decline since April, as Americans confronted a newly resurgent virus. The last decline was 12.7% fall in April during the lockdown. Personal incomes fell 1.1% in November, the third drop in the past four months as various government relief programs have been expiring.

(AP Photo/Charles Krupa)DETROIT – General Motors is recalling nearly 840,000 vehicles in the U.S. for suspension problems or because the front seat belts can fail. The seat belt recall covers 624,000 2019 through 2021 Chevrolet Silverado 1500 and GMC Sierra 1500 pickup trucks. Also included are the 2021 Chevrolet Suburban and Tahoe and GMC Yukon XL, and the 2020 and 2021 Silverado 2500 and 3500 and GMC Sierra 2500 and 3500. GM says in government documents that the seat belt brackets may not have been secured to the seat frame. GM will notify owners starting Feb. 1 and dealers will inspect the seat belt brackets and assemble them correctly.

The U.S. economy expanded at a 33.4% annual pace from July through September, the Commerce Department said Tuesday, Dec. 22, 2020 delivering the last of three estimates on the economys third-quarter performance. (AP Photo/Steven Senne, file)WASHINGTON – The U.S. economy expanded at a record 33.4% annual pace from July through September, the Commerce Department said Tuesday, delivering the last of three estimates on the economy’s third-quarter performance. But it's likely that a resurgence in coronavirus cases slowed growth sharply during the last three months of 2020. Employers slashed 22 million jobs in March and April, then began to steadily recall furloughed workers. But the United States is still 9.8 million short of the jobs it had February, and hiring has slowed every month since June.

Asian stock markets rose Wednesday after President Donald Trump suggested he may veto a $900 billion economic aid package. (AP Photo/Lee Jin-man)Asian stock markets rose Wednesday after President Donald Trump suggested he may veto a $900 billion economic aid package. Overnight, Wall Street’s benchmark S&P 500 index lost 0.2% after Trump criticized the aid plan approved by Congress. The Shanghai Composite Index rose 0.8% to 3,382.08 and the Nikkei 225 in Tokyo added 0.1% to 26,470.94. Tech companies rose.

FILE - This Sept. 24, 2020 file photo shows a new home under construction in Houston. The number of newly issued permits to build fresh housing rose 6.2% in November on a seasonally adjusted basis. Housing starts rose 1.2%, and are up 12.8% higher than a year ago, the Commerce Department reported Thursday, Dec. 17, to an annualized rate of 1.547 million. (AP Photo/David J. Phillip, File)(Copyright 2020 The Associated Press. All rights reserved.)

The congressional committee that oversees the Census Bureau issued a subpoena Thursday to U.S. Commerce Secretary Wilbur Ross, seeking documents related to data irregularities that threaten to upend a yearend deadline for submitting numbers used for divvying up congressional seats. The anomalies will likely force a delay of several weeks past a Dec. 31 deadline for the Census Bureau to turn in the congressional apportionment numbers. In a letter last week, Maloney wrote that the Commerce Department — which oversees the Census Bureau — missed a Nov. 24 deadline to give the documents to the committee. The Census Bureau said last week that the data irregularities affect only a tiny percentage of the records and are being resolved as quickly as possible. The House committee has obtained three new internal agency documents showing the Census Bureau plans to deliver the apportionment numbers to the president no earlier than Jan. 23, which would be shortly after Trump leaves office and President-elect Joe Biden takes over.