Economy

Trump taps Lutnick to be Commerce Secretary
Written by Ethan Bernard
November 19, 2024
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
Lutnick, co-chair of the Trump-Vance Transition Team, is currently chairman and CEO of Wall Street financial services firm Cantor Fitzgerald, which he joined in 1983. He became president and CEO in 1991, and five years later was named chairman.
“He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the US Trade Representative,” Trump said in a post on Truth Social on Tuesday.
Lutnick’s appointment ends speculation that Robert Lighthizer, who served as US Trade Representative (USTR) in Trump’s first term, might be named Commerce Secretary in his second.

Ethan Bernard
Read more from Ethan BernardLatest in Economy

House committee blocks GOP budget proposal
The budget proposal has big implications for steel and manufacturing.

Manufacturing in New York state contracts again in May
Manufacturing activity in New York state declined for the third consecutive month, according to the May Empire State Manufacturing Survey from the Federal Reserve Bank of New York. Responding firms continue to forecast weaker business conditions in the coming months.

Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).

Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)

Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.