commerce department
New home sales plummet to lowest level since November as mortgage rates stay high
The median new house price fell 0.9% to $417,400 in May from a year ago. Nearly half of the new homes sold last month were priced under $399,000.
Congress must move to stop Beijing from making US rely on Chinese firms
The greatest threat to US national security comes from Beijing’s success in undermining the resilience and autonomy of our industrial base.
Single-family new home construction plunges in huge housing market setback
US single-family homebuilding tumbled in March, and while new construction remains underpinned by a severe shortage of previously owned houses for sale, a resurgence in mortgage rates is pushing potential...
TSMC to boost computer chip production in Arizona with $11.6 billion from CHIPS Act
The Taiwanese firm, which supplies the likes of Apple and Nvidia, agreed to build a third factory in Phoenix as part of a $65 billion investment in the production hub.
Economy expanded faster than expected on boost from shoppers, strong job market
Gross domestic product increased at a 3.4% annualized rate last quarter, revised up from the previously reported 3.2% pace.
Microsoft's China business must be 'carefully scrutinized' for potential national security risks: GOP Rep. Fallon
“No US company should be playing a role in supporting the Chinese government,” Fallon said in a letter to Commerce Secretary Gina Raimondo.
US economy grew a surprisingly strong 3.3% in year's end, far better than expected
The economy has repeatedly defied predictions that the Fed’s aggressive rate hikes would trigger a recession.
New home sales dropped more than expected in October as shortage persists
The stock of previously owned houses on the market is nearly 50% below it's pre-pandemic level, according to the National Association of Realtors.
GDP report shows US economy grew a strong 4.9% in the latest quarter as Fed mulls rate hikes
The US economy grew a stellar 4.9% from July through September, driven by robust consumer spending despite the Federal Reserve's efforts to slow the economy with high interest rates.
Commerce secretary on email hack before China visit: ' I didn't pull any punches'
Commerce Secretary Gina Raimondo revealed she confronted Chinese officials over the hacking of her email before her visit and stressed that "no Commerce Secretary has been tougher than I on...
Our Alphabet Soup regulatory overlords are finally (sort of) cracking down on shady trades
The recent moves to observe and take action are a small step in the right direction.
Former Hunter Biden business partner snagged jobs in Trump, Biden administrations
A senior adviser at a business firm founded by the president’s embattled son Hunter Biden landed Commerce Department appointments under both the Trump and Biden administrations.
US economy expanded 2.6% in Q3 after two straight quarters of decline
Stronger exports and consumer spending, backed by a healthy job market, helped restore growth to the world’s biggest economy at a time when worries about a possible recession are rising.
US cracks down on American firms sending defense tech to China
Government reports have said China steals up to $600 billion in US intellectual property every year.
Biden officials admit Americans feeling pain of inflation -- but still play blame game
Inflation, which hit 8.3% in April, is on the top of Americans' minds and has become a hot issue for the upcoming midterm elections.
New homes sales hit a two-year low, while prices soar nearly 20 percent
Sales of new US single-family homes tumbled to a two-year low in April likely as higher mortgage rates and soaring prices squeezed first-time buyers and those in search of entry-level properties out...
US to ground Abramovich plane, 99 others over Russia export violations
The US Commerce Department on Friday will move to effectively ground 100 airplanes that have recently flown to Russia and are believed to violate US export controls, including a plane...
Feds probe Alibaba's cloud unit over national security concerns: report
The Biden administration has reportedly launched a probe of China-based e-commerce giant Alibaba’s cloud-computing unit over concerns it could pose a risk to national security.
Inflation hits highest level in 39 years as consumer prices jump 5.7 percent
The inflation rate is running at its hottest pace in nearly four decades, as widespread supply disruptions, high consumer demand and worker shortages fuel a surge in prices. Consumer prices...
Commerce chief's hubby works at tech co. linked to China: report
Commerce Secretary Gina Raimondo's husband is a top executive at a tech company that counts a venture capital firm linked to the Chinese Communist Party as one of its investors.