Commerce Department
U.S. Economy Shows Another Decline, Fanning Recession Fears
A key measure of economic output fell for the second straight quarter, raising fears that the United States could be entering a recession — or perhaps that one had already begun. Gross domestic product, adjusted for inflation, fell 0.2 percent in the second quarter, the Commerce Department said Thursday. That drop followed a decline of […]
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U.S. Aims to Expand Export Bans on China Over Security and Human Rights
WASHINGTON — When Russian forces invaded Ukraine nearly five months ago, the Biden administration led dozens of governments in banning the export of advanced technology to Russia to hobble its economic and military development. Now, the U.S. government is using the lessons it learned from those actions to expand restrictions on exports to China and […]
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Income and Spending Rose Less Than Prices in May
Americans’ income and spending failed to keep pace with rising prices in May, the latest sign that the fastest inflation in a generation is chipping away at the bedrock of the economic recovery. Consumer spending, adjusted for inflation, fell for the first time this year, declining 0.4 percent from April, the Commerce Department said Thursday. […]
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With Funding Stalled, Chip Makers Warn Congress the U.S. Is Lagging
WASHINGTON — Top chip makers are pressuring Congress to quickly pass a measure providing more than $52 billion for companies that build semiconductor factories in the United States, privately warning lawmakers that failure to do so could prompt them to take their manufacturing plants elsewhere. The bill, known as the CHIPS Act, would deliver semiconductor […]
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U.S. to Lift Tariffs on Ukrainian Steel
WASHINGTON — The Biden administration will announce that it is lifting tariffs on Ukrainian steel for one year, halting a measure that President Donald J. Trump placed on that country and many others in 2018, according to a copy of the announcement that will be released on Monday and was viewed by The New York […]
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Norman Y. Mineta, Who Served Two Presidents in Cabinet, Dies at 90
As President Bush was shuttled from a school visit in Florida to secure locations in Louisiana and Nebraska, Mr. Cheney placed U.S. forces on alert around the world and ordered the Capitol evacuated and congressional and other leaders removed to safety. In the aftermath of 9/11, Mr. Mineta claimed that he had ordered all civilian […]
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Economy Contracted in the First Quarter, but Underlying Measures Were Solid
The U.S. economy contracted in the first three months of the year, as supply constraints at home, demand shortfalls abroad and rapid inflation worldwide weighed on an otherwise resilient recovery. Gross domestic product, adjusted for inflation, fell 0.4 percent in the first quarter, the Commerce Department said Thursday. It was the first decline since the […]
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U.S. warns servicing or refueling some Russian-owned planes may violate trade restrictions.
The Commerce Department said on Friday that it had identified 100 commercial and private aircraft that violated U.S. export controls by flying into Russia and that their owners, operators and servicers were at risk of substantial jail time, fines, loss of export privileges or other restrictions. The announcement said it was putting the world “on […]
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A Key Inflation Gauge Is Still Rising, and War Could Make It Worse
A measure of inflation closely watched by the Federal Reserve showed that prices continued to rise in January, accelerating on a monthly basis and increasing from a year earlier at the fastest pace since 1982. The Personal Consumption Expenditures index, which the Fed targets as it aims for 2 percent annual inflation on average over […]
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