U.S. economy

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Secretary Ross Highlights Business Strength and American Optimism in Florida

U.S. Commerce Secretary Wilbur Ross traveled to Ft. Lauderdale, Florida Friday and toured a local business that has successfully overcome many challenges of doing business in the wake of COVID-19. City Furniture continued to work through the economic downturn caused by the pandemic and became an example of a successful business that contributed to September’s strong retail sales in both Florida...

Commerce Department Continues to Provide Up-to-Date Information on the Health of the American Economy

Since the beginning of the COVID-19 pandemic in the U.S., it has been more important than ever to get the most up-to-date information on the health of the American economy. The U.S. Commerce Department plays a vital role in producing some of the most closely watched economic statistics that affect decisions made by policy makers, business leaders, and the American public. More than 100 surveys are...

Remarks by Commerce Secretary Wilbur L. Ross at the Greater Houston Partnership and the Houston Regional Economic Development Alliance Virtual Roundtable

Thank you Susan for co-hosting this teleconference with HREDA. I had planned to be in Houston with you, but the coronavirus continues to present challenges. However, we all know that when Houston confronts such obstacles, it always prevails. It last happened in August 2017, when Hurricane Harvey dumped 40 inches of rain on your city. It was the wettest storm ever to hit the United States, and it...

Op-Ed by Commerce Secretary Wilbur L. Ross: Under Donald Trump’s Leadership, the U.S. Economy Will Come Back Strong

There is no doubt the coronavirus pandemic has dramatically impacted our day-to-day lives. Americans are making adjustments to everything from their morning routines to how they’re managing their money. Families have yearned for good economic news for several months now, and last week we saw the beginning of an economic revival they’ve so desperately needed. By multiple predictions, May and June...

Statement from Secretary of Commerce Wilbur Ross on President Donald J. Trump’s Budget: A Budget for America’s Future

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President Trump’s dedication to the success of all Americans has fostered an unprecedented period of growth for our economy and created the biggest economic boom in our nation’s history. The President’s 2021 Budget for America’s Future exemplifies his bold leadership and commitment to tackling the big structural issues that will allow every American to have equal and limitless opportunities to...

Gross Domestic Product by Industry: Second Quarter 2019

Professional, scientific, and technical services; real estate and rental and leasing; and mining were the leading contributors to the increase in U.S. economic growth in the second quarter of 2019. The private goods‐ and services‐producing industries, as well as the government sector, contributed to the increase. Overall, 14 of 22 industry groups contributed to the 2.0 percent increase in real GDP...

U.S. Current Account Deficit Narrows in Second Quarter 2019

The following is a cross-post from the Bureau of Economic Analysis (BEA) The U.S. current account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, narrowed by $8.0 billion, or 5.9 percent, to $128.2 billion in the second quarter of 2019. The narrowing mainly reflected an expanded surplus on...

Real Consumer Spending Rises in July

Personal income increased 0.1 percent in July after increasing 0.5 percent in June. Wages and salaries, the largest component of personal income, increased 0.2 percent in July after increasing 0.5 percent in June. Current-dollar disposable personal income (DPI), after-tax income, increased 0.3 percent in July after increasing 0.4 percent in June. Real DPI, income adjusted for taxes and inflation...

Op-Ed by Commerce Secretary Wilbur L. Ross: American Workers are Winning

There is a significant body of evidence showing that the U.S. economy is strong. The U.S. economy has added millions of jobs, and even long-neglected sectors like manufacturing are having a resurgence. Among the continuous good economic news, wage growth for America’s workers has taken center stage. For the first time since 2009, year over year nominal hourly wage growth met or surpassed 3 percent...