Commerce.gov is getting a facelift soon. See the new design.
Syndicate content

Blog Category: Growth

Report on Gross Domestic Product Statistics for Four U.S. Territories Released

Click for larger image. Pictured: Nikolao Pula, Director of the Office of Insular Affairs, U.S. Department of the Interior; Kiran Ahuja, Executive Director of the White House Initiative on Asian Americans and Pacific Islanders; Pictured: Rebecca M Blank, Under Secretary for Economic Affairs, U.S. Department of Commerce;  Rep. Gregorio Kilili Camacho, Northern Mariana Islands; Rep. Madeleine Bordallo, Guam; Rep. Eni Faleomavaega, America Samoa; Rep. Donna Christensen, Virgin Islands; Steve Landefeld, Director of the Bureau of Economic Analysis, U.S. Department of Commerce.

The U.S. Department of Commerce released newly-developed Gross Domestic Product (GDP) statistics for American Samoa, Guam, the Commonwealth of the Northern Mariana Islands and the U.S. Virgin Islands. The statistics are a product of a joint effort of the Department of Commerce’s Bureau of Economic Analysis and the Interior Department’s Office of Insular Affairs. Policy makers will now have an objective view of the size of these economies, their growth or contraction, and their major components in order to conduct economic-impact analysis on the effects of local and national policy decisions. (More)

Statement from Under Secretary Blank on March 2010 Personal Income and Outlays

Blank portrait.

Washington (May 3)—The U.S. Commerce Department’s Bureau of Economic Analysis released personal income and outlays data for March 2010. Personal income increased 0.3 percent in March, and real disposable personal income rose 0.2 percent. Real personal consumption expenditures increased 0.5 percent in March. “Today’s personal income data, particularly the growth in employee compensation, indicates that the recovery is taking hold across America,” said U.S. Commerce Department Under Secretary for Economic Affairs Rebecca Blank.” (More) (Release—PDF)

Secretary Locke Statement on Advance Estimate of Real GDP in the First Quarter of 2010

Department of Commerce seal.

The U.S. Commerce Department’s Bureau of Economic Analysis today released the first estimate of gross domestic product (GDP) for the first quarter of 2010. Real GDP grew 3.2 percent at an annual rate in the first quarter, consistent with private-sector expectations. “With a third-straight quarter of growth, it’s clear America’s economy is turning around,” U.S. Commerce Secretary Gary Locke said. “But Americans remain rightly focused on their personal financial situations and jobs. Wall Street reform is an essential part of securing the future for our families and businesses. (More) (Release)

Secretary Locke Announces Public Review of Privacy Policy, Launches Internet Policy Task Force

U.S. Department of Commerce seal.

U.S. Commerce Secretary Gary Locke today announced the launch of an initiative designed to gather public input and review the nexus between privacy policy and innovation in the Internet economy. In addition, Locke also announced the formation of a Department of Commerce-wide Internet Policy Task Force to identify leading public policy and operational issues impacting the U.S. private sector's ability to realize the potential for economic growth and job creation through the Internet. (More)

Commerce Issues Report on Role of Patent Reform in Supporting Innovation and Job Creation

USPTO seal

Reforming America’s patent system will accelerate economic growth and job creation, and expand America’s ability to innovate, according to a new report released today by the U.S. Department of Commerce. The paper, titled “Patent Reform—Unleashing Innovation, Promoting Economic Growth and Producing High-Paying Jobs,” was authored by the Commerce Department’s Chief Economist Mark Doms, the United States Patent and Trademark Office’s (USPTO’s) Chief Economist Stuart Graham and USPTO’s Administrator for External Affairs Arti Rai. (More) (Report)

New Commerce Report Shows Growing Exports Key to Job Creation

Image of Exports Report.

A U.S. Department of Commerce report released today confirms the importance of exports to the U.S. economy and the increasingly globalized marketplace. According to Exports Support American Jobs, in 2008, exports accounted for a record 12.7 percent of U.S. gross domestic product (GDP), and during a period of relatively flat job growth across the economy, supported a record number of jobs—more than 10 million. (More) (Report—PDF)

Secretary Locke Statement on March 2010 Retail Sales

Locke gesturing with microphone in hand.

File photo

The Commerce Department’s U.S. Census Bureau today released retail sales for March 2010. Retail sales increased 1.6 percent compared with an expected increase of 1.2 percent, and recent months were revised upwards. Excluding motor vehicles, retail sales rose 0.6 percent. Retail sales have grown 7.6 percent over the past year. “The strong growth in retail sales demonstrates consumers’ increasing confidence in the economic recovery,” Commerce Secretary Gary Locke said. (More) (Release)

Under Secretary Blank Statement on Third Estimate of GDP in the Fourth Quarter 2009

Department of Commerce seal.

The U.S. Commerce Department’s Bureau of Economic Analysis released the third estimate of gross domestic product (GDP) for the fourth quarter of 2009. Real GDP grew 5.6 percent at an annual rate, nearly unchanged from the previous estimate of 5.9 percent. “As more fourth quarter data become available, it is evident that the administration’s efforts to promote economic recovery have helped create the conditions that lead to economic growth,” Commerce Under Secretary for Economic Affairs Rebecca Blank said. (More) (Release)

Deputy Secretary Hightower to Promote U.S. Innovation Agenda During Visit to Brussels

Portrait of Hightower

U.S. Commerce Deputy Secretary Dennis Hightower is in Brussels to promote the president’s National Innovation Strategy as a key driver for sustainable growth and quality jobs. Hightower’s visit will focus on three key building blocks to encourage innovation: investment in research, development and technology capital; promotion of competitive markets, and support for national priorities in the clean energy, advanced vehicle technology and health care sectors. Today, he delivered remarks at a luncheon hosted by the American Chambers of Commerce. (Remarks)

Secretary Locke Discusses Jobs and Innovation at Democratic Leadership Council Roundtable

Categories:
Locke speaking from the podium.

U.S Secretary of Commerce Gary Locke highlighted what the Obama administration and the Commerce Department are doing to spur innovation and job creation, hosted by the New Democratic Leadership Council. Joined by U.S. Rep. Betsy Markey, Arise Virtual Solutions Inc. CEO Angela Selden and AT&T Senior Vice President Xavier Willimas and others, Locke discussed innovation as a key to putting America back on the road to sustainable job growth. He stressed the need to boost investments in innovation and infrastructure so America can lead the world in emerging industries. The New DLC also highlighted two recently released reports that lay out a strategy to put more Americans back to work. (Remarks)