Department of Commerce – News Stories About Department of Commerce - Page 4

Mar 27, 2008 12:46 PM CDT

GDP Growth Weakest Since '02

0.6% increase matches estimates; markets still focused on credit issues

(Newser) - The US economy sputtered—as expected—in the fourth quarter of 2007, growing at the slowest rate since 2002, MarketWatch reports. Estimated growth of the US gross domestic product was 0.6% for the last three months of 2007, matching economists' forecasts. Consumer spending grew 2.3%, and exports increased...

Tourism Busts Pre-9/11 Record

Mar 11, 2008 3:00 AM CDT

Tourism Busts Pre-9/11 Record

57 million foreign visitors traveled to US

(Newser) - Nearly 57 million foreign tourists visited the US last year, pumping more than $123 billion into the economy, Reuters reports. It's the first time a tourism record has been broken since the 9/11 attacks staggered the industry. Some 17.7 million visitors traveled from Canada and 15 million from Mexico....

US in Recession Now: Buffett

Mar 4, 2008 3:28 AM CST

US in Recession Now: Buffett

Billionaire says crisis is already here

(Newser) - The US is already in a recession for all practical purposes, even if economic conditions haven't yet met the technical definition of at least two consecutive quarters of negative growth. That's the verdict of billionaire investor Warren Buffett, who tells CNBC that a serious economic slowdown is obvious in reports...

Construction Spending Tumbles

Mar 3, 2008 10:23 AM CST

Construction Spending Tumbles

Spending falls at fastest rate since 1994

(Newser) - Construction spending fell at its fastest rate in 14 years in January, the Commerce Department announced today, shattering expectations with a 1.7% drop. Analysts had expected just a 0.7% decline, the Wall Street Journal reports. Residential spending was the big drag, falling 2.9%, but non-residential spending was...

Retail Sales In Surprise Swoon

Jan 15, 2008 8:42 AM CST

Retail Sales In Surprise Swoon

Sales drop 0.4% in Dec.; consumers finally slowed by housing woes, gas prices

(Newser) - Retail sales fell 0.4% in December, an unexpected drop that capped off retailers’ worst year since 2002 and is sure to fuel rampant recession fears. “Consumer spending slowed down pretty dramatically,” one economist tells Bloomberg. “We are kind of flying very close to a stall speed....

Tech Sales to China Raise
Red Flags

Jan 2, 2008 9:30 AM CST

Tech Sales to China Raise Red Flags

Weapons experts say imports could upgrade military—or be sold

(Newser) - Chinese companies linked to the People’s Liberation Army were cleared to import sensitive high-tech equipment from the US after the Bush administration eased restrictions blocking the sale of technology with military applications, the New York Times reports. One company has ties to arms sales to Iran and Syria, claims...

Home Prices Show Record Drop

Aug 28, 2007 11:21 AM CDT

Home Prices Show Record Drop

Consumer confidence off too; the credit market is to blame, again

(Newser) - The credit market is continuing to weigh on economic indicators, Bloomberg reports, as home prices and consumer confidence both notched records in their downward swoon. A report released today showed home values down an unprecedented 3.2% in the second quarter. Consumer confidence this month fell to its lowest levels...

Stocks Climb Following Surprising Home Sales Numbers

Aug 24, 2007 4:27 PM CDT

Stocks Climb Following Surprising Home Sales Numbers

Markets, optimism surge as turmoil eases

(Newser) - The Dow closed at 13,378.87 today, up 142.99 on strong durable goods orders and a better-than-expected home sales forecast. The S&P 500 jumped 16.87 to 1,479.37, and the Nasdaq rose 34.99 to 2,576.69. Nucor Corp., the second-largest American steel manufacturer,...

New-Home Sales Grow, Spur Wall St.

Aug 24, 2007 11:21 AM CDT

New-Home Sales Grow, Spur Wall St.

But new figures don't fully reflect credit market's impact, analysts say

(Newser) - New-home sales grew 2.8% last month, delivering an unexpected bit of good news to investors still reeling from the credit crunch. But the housing market, which had been rebounding in recent months from a slump, will likely show renewed weakness after he mortgage crisis dust settles, Bloomberg reports.

Storm Blasts Hurricane Center

Jul 6, 2007 4:21 AM CDT

Storm Blasts Hurricane Center

Staff demands director's ouster

(Newser) - A near-mutiny has erupted at the National Hurricane Center, where nearly half the staff has demanded the resignation of the center's director, Bill Proenza. The Miami Herald reports that seven forecasters and 16 other employees—including Proenza's own administrative assistant—signed a statement calling for his ouster.

Economy Slumps to 4-Year Low

Apr 27, 2007 11:11 AM CDT

Economy Slumps to 4-Year Low

Weak home sales, high oil prices drive slowdown

(Newser) - The country's economic growth has dwindled to its lowest rate in four years, with the housing slowdown, high energy prices, and a looming trade deficit driving lower-than-expected numbers released today. The economy grew 1.3% in the first quarter of 2007, down from 2.5% in the last three months...

Bickering Among Agencies Undermines Iraq Rebuilding

Mar 11, 2007 10:22 AM CDT

Bickering Among Agencies Undermines Iraq Rebuilding

State fights Commerce over how to win peace

(Newser) - Squabbles among agencies in the Bush administration have wasted countless hours and undermined initiatives to stabilize Iraq, the Post reports. The White House wants the whole cabinet involved, but State shuns other departments' initiatives. One battle between State and Commerce, over a proposal to end food rations, became so bitter...