The Latest Breaking News from Commerce Department

The SPDR S&P 500 ETF Trust (NYSE: SPY) traded higher by 2.1% on Thursday after the Commerce Department said U.S. GDP declined 1.4% in the first quarter.

Washington (AFP) - The US economy shrank in the first quarter of 2022 as the Omicron variant of the coronavirus hampered activity and companies bought more foreign products to rebuild depleted inventories, in the latest complication for a country already struggling with record inflation.

The U.S. economy shrank for the first time since 2020, reflecting an import surge tied to solid consumer demand.

The U.S. economy unexpectedly shrank last quarter, the first contraction since 2020, as a ballooning trade deficit and softer inventory growth belied an otherwise solid consumer and business demand picture.

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A US probe into whether Chinese solar-panel manufacturers are circumventing tariffs will slash expected domestic installations by 46% this year and next, according to a Washington-based advocacy group.

A United States Commerce Department trade probe that could result in tariffs against solar imports from Southeast Asian nations, including Thailand, is already threatening clean energy projects, according to an advocacy group fighting the investigation.

The U.S. Commerce Department on Thursday confirmed it had identified seven Boeing 737 Planes operated by Belarusian national carrier Belavia that are in apparent violation of U.S. export controls.

Record high gas prices and the fastest inflation in forty years continue to hold back consumer spending, with March retail sales slowing from their February levels.

The US government has banned exports to Russian state airline Aeroflot as well as two other carriers for flying aircraft in violation of sanctions, the Commerce Department said Thursday. Washington warned last month that the carriers had gone against penalties imposed on Moscow over its invasion of Ukraine by flying…

Washington (AFP) - The US government has banned exports to Russian state airline Aeroflot as well as two other carriers for flying aircraft in violation of sanctions, the Commerce Department said Thursday.