What Is The Department Of Commerce?

2020-05-07 07:02    forextraders

Department of Commerce Definition. The Department of Commerce is a U.S. government agency that has a broad mandate to advance economic growth, jobs and opportunities for the American people. It has cross cutting responsibilities in the areas of trade, technology, entrepreneurship, economic development, environmental stewardship and statistical research and analysis. The Bureau of Economic Analysis (BEA) is a sub-agency of the of the Department of Commerce, along with the Census Bureau and STAT-USA. The three entities form the Department’s Economics and Statistics Administration. BEA produces economic accounts statistics that enable government and business decision-makers, researchers, and the American public to follow and understand the performance of the Nation’s economy. To fulfill this mission, BEA collects source data, conducts research and analysis, develops and implements estimation methodologies, and disseminates statistics to the public. It is one of the world’s leading statistical agencies. Although it is a relatively small agency, BEA produces some of the most closely watched economic statistics that influence the decisions made by government officials, business people, households, and individuals. BEA’s economic statistics, which provide a comprehensive, up-to-date picture of the U.S. economy, are key ingredients in critical decisions affecting monetary policy, tax and budget projections, and business investment plans. The cornerstone of BEA’s statistics is the national income and product accounts (NIPAs), which feature the estimates of gross domestic product (GDP) and related measures.

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