Department of Commerce – What is the Department of Commerce?

What is the Department of Commerce?

Definition of Department of Commerce: It is an agency handled by the U.S government. This agency has a huge mandate for making advancements in jobs, for the people of America and for economic growth. This agency has several liabilities in the technology, trade, economic development, entrepreneurship, environmental stewardship and analysis. BEA, which stands for Bureaus of Economic Analysis, is explained as a sub agency on the Commerce Department along with the STAT-USA and Census Bureau. The three different entities are responsible in creating the Statistics Administration of the Department. BEA creates statistics of the economic accounts that allow the government, researchers and the public of America to follow and recognize the presentation of the economy of the nation. To accomplish this mission, BEA gathers source data, conducts several researches and then develops estimation methods and distributes statistics to the people. The section of Commerce is known as the world’s popular statistical agencies. Although, the size of this agency is small, it has created some of the popular economic statistics that influences the decisions taken by the business owners, government officials and common public. The economic statistics of BEA offering a comprehensive and advanced picture of the economy of U.S.A are the important ingredients that affect the monetary policy, budget and tax projections.