Commerce Department News

Trump Commerce Secretary Plans to Strip Government Spending From GDP Data

U.S. Commerce Secretary Howard Lutnick said on Sunday he would strip out government spending from the gross domestic product (GDP) report, but gave no indication how soon this change might happen, while dismissing fears of a possible recession. “You know …

Commerce Department Looks to Require Reporting for AI, Cloud Providers

The U.S. Commerce Department said Monday it is proposing to require detailed reporting requirements for advanced artificial intelligence developers and cloud computing providers to ensure the technologies are safe and can withstand cyberattacks. The proposal from the department’s Bureau of …

U.S. Consumer Spending Beats Expectations in April; Inflation Likely Peaked

U.S. consumer spending rose more than expected in April, while annual inflation appeared to have peaked, which could help to underpin economic growth in the second quarter amid rising fears of a recession. Consumer spending, which accounts for more than …