Top News
BEA Announcement Underscores Importance of Research and Development to America’s Economy
Washington (Sept. 28)—The Commerce Department’s Bureau of Economic Analysis (BEA) announced GDP would be an average of 2.9 percent higher between 1959 and 2004—or $284 billion higher in 2004—if research and development spending was treated as investment in the U.S. national income and product accounts. These experimental estimates, produced in conjunction with the National Science Foundation, demonstrate how business spending on research and development would affect the national accounts and gross domestic product. (More)
USPTO’s “Cat Magnet” Television Spot Wins Prestigious Award
New York (Sept. 28)—The “Cat Magnet,” a television spot produced by the U.S. Patent and Trademark Office (USPTO) has won the New York Advertising Week Dove award at the Advertising Community Together (ACT) Responsible Exhibition. The public service announcement is part of a collaboration between the USPTO, the National Inventors Hall of Fame Foundation and the Advertising Council that seeks to inspire young people to invent and to protect their inventions. The “Cat Magnet” was one of 200 finalists for the award from 33 countries. (More)
Census Bureau Releases First Data on Residents of Group Quarters in Nearly Three Decades
Washington (Sept. 27)—New data released from the Commerce Department’s Census Bureau provide the first social and economic characteristic profiles of the people living in group quarters in nearly three decades including adult correctional facilities, college dorms and nursing homes. “This release marks the first in-depth look at the characteristics of the nonhousehold population since the 1980 Census,” said Census Bureau Director Louis Kincannon. “These are important data to understand as decision makers grapple with policies that impact the people who live in these facilities.” (More)
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Commerce Secretary Gutierrez Hails Strong Growth in 2nd Quarter, Calls for Continued Export Expansion
Washington (Sept. 27)—Commerce Secretary Carlos M. Gutierrez released the following statement on the final estimate of real gross domestic product (GDP), which showed that the American economy grew at 3.8 percent in the second quarter of 2007: “Our second quarter GDP growth shows the remarkable flexibility and resiliency of our economy in the face of some substantial challenges. Today’s report confirms that the economy was able to switch gears and derive a significant boost from rising net exports.” (More)
Assistant Secretary Sutton Presents Award for Export Achievement
Fort Wayne, Ind. (Sept. 26)—Assistant Secretary for Manufacturing and Services William G. Sutton presented the International Trade Administration’s Export Achievement Certificate to Tippmann Sports. A leader in paintball marker manufacturing, Tippmann was recognized by the Commerce Department for their ability to compete in the global marketplace. (More)
VOTE for USPTO’s Television Spot, “Cat Magnet”
Washington (Sept. 26)—The television spot produced by the Ad Council for the U.S. Patent and Trademark Office (USPTO) is a finalist in an ongoing media campaign to inspire young people to invent and to protect their inventions. “The Cat Magnet” spot was selected from more than 400 entries for the Advertising Community Together (ACT) Award to be presented later this week in New York. The public may vote online by clicking here. Voting concludes at 5:00 p.m. EDT Thursday, Sept. 27.
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Secretaries Paulson and Gutierrez Call for a Permanent Moratorium on Internet Taxes
Washington (Sept. 26)—U.S. Treasury Secretary Henry M. Paulson and Commerce Secretary Carlos M. Gutierrez issued a statement calling for the Senate to make permanent the moratorium on Internet access taxes and on multiple or discriminatory taxes on electronic commerce. The Senate Commerce Committee will mark up S. 1453, the Internet Tax Freedom Extension Act of 2007, on Thursday, Sept. 27. (More)
Under Secretary for Economic Affairs Visits China and Addresses Standardization of Economic Data
Beijing, China (Sept. 26 )—Under Secretary Cynthia Glassman addressed the Organization for Economic Cooperation and Development (OECD) Workshop on National Accounts and met with Chinese statistical leaders to discuss standardization of international economic data. Glassman also toured UPS and Wal-Mart facilities to learn how the companies - both members of the Secretary's innovation metrics committee - are serving overseas markets. (More)
BEA Releases First-Ever Estimates of GDP by Metropolitan Area
Washington (Sept. 26)—The Bureau of Economic Analysis (BEA) released the first prototype estimates of gross domestic product (GDP) by metropolitan area for all 363 Metropolitan Statistical Areas from 2001-2005. The GDP of a metropolitan area is defined as the market value of all final goods and services produced within that area for a given period of time, in this case annually. GDP is the most comprehensive measure of economic activity for a metropolitan area. (More)
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Commerce’s NIST Explores Reducing Health Care Costs through Technology
Gaithersburg, Md. (Sept. 25)—The Commerce Department’s National Institute of Standards and Technology (NIST) co-sponsored a conference entitled "Developing an Economic Strategy for Health Care through Standards and Technologies." The conference explored methods for assessing the economic opportunities of biotechnology, information technology, and standards in the life sciences and health care delivery and their role in reducing costs and bringing benefits to the U.S. health care system. (More)