Consumer spending fell 0.2% in December from the previous month, the Commerce Department said Friday.
Read MoreDecember Consumer Spending Declines; Recession Concerns Remain
Tag: Commerce Department
Chinese Solar Giants Snuck Around U.S. Trade Barriers, Investigation Finds
The Commerce Department found on Friday that four large Chinese solar panel manufacturers are avoiding longstanding U.S. tariffs by assembling their products in Southeast Asia before importing them to the country.
BYD Co., Canadian Solar International, Trina Solar Science & Technology and Vina Solar Technology violated U.S. trade laws by finishing their products in Vietnam, Thailand, Cambodia and Malaysia, according to a department press release. The probe was launched in March after California-based solar company Auxin Solar alleged that some solar firms were circumventing tariffs on China by completing manufacturing in Southeast Asia.
Read MoreBiden Admin to Distribute $50 Billion Chips Fund Based on Race and Gender
The Commerce Department announced plans to prioritize “underrepresented” business owners, including women and racial minorities, when distributing $50 billion in federal funding for the semiconductor industry provided by the recent semiconductor subsidy bill.
Read MoreConsumer Spending Surged in January as Inflation Reached Near 40-Year High
Consumer spending surged in January amid soaring inflation, the Commerce Department announced Wednesday.
Retail sales grew 3.8% in January, far exceeding the 2.1% Dow Jones estimate, the Commerce Department announced Wednesday. January’s figure represents the largest monthly increase since March 2021 and a significant snapback from December 2021 when sales decreased by 2.5%.
Read MoreU.S. Trade Deficit Reached Record High in 2021 as Imports Surged
The U.S. trade deficit continued to grow in December as the import-export gap widened to record highs in 2021, the Census Bureau reported Tuesday.
The trade deficit grew by 1.8% in December 2021 to $80.7 billion, the Census Bureau announced Tuesday, $1.4 billion above the revised figure from November 2021.
Read MoreBiden’s Commerce Secretary Is Trying to Shield a $42 Billion Broadband Funding Program from Public Eyes
Secretary of Commerce Gina Raimondo requested the inclusion of a provision in the bipartisan infrastructure bill shielding a $42 billion broadband funding program from public scrutiny, according to several people familiar with the matter.
The Infrastructure Investment and Jobs Act, a $1.2 trillion piece of legislation that passed the Senate in August with significant bipartisan support and currently awaits a vote in the House, sets aside $42 billion in broadband deployment grants to be given to states and administered through guidelines issued by the National Telecommunications and Information Administration (NTIA), a division of the Commerce Department.
Read MoreJobless Claims Fall Below 400,000, Hit Economists’ Expectations
The number of Americans filing new unemployment claims decreased to 385,000 last week as the economy continues its recovery from the coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a slight decrease in the number of new jobless claims compared to the week ending July 24, when 399,000 new jobless claims were reported. That number was revised down from the 400,000 jobless claims initially reported last week.
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