Ylan Mui

Commerce Secretary Gina Raimondo said she is committed to the administration’s goal of universal broadband by 2030, but cautioned that distributing funds from the new infrastructure law to meet that deadline could take years. The Infrastructure Investment and Jobs Act includes $65 billion to improve broadband access and affordability. Most of that is funneled through the Department of Commerce, and Sec Raimondo said that some of those dollars – such as money for tribal governments – are starting to trickle out. But the bulk of the funding will take longer.

Billionaire investor Wilbur Ross, President Donald Trump’s nominee to lead the Commerce Department, cleared a key Senate panel with bipartisan support, signaling an easy path to confirmation. The Senate Commerce Committee approved Ross's nomination in a voice vote with no opposition.

Ross amassed his fortune by investing in distressed industries that have been hard hit by the forces of globalization, including steel, coal and textiles. He was one of Trump’s key advisers on trade policy on the campaign trail and is slated to take a leading role in carrying out the White House’s promise to renegotiate the North American Free Trade Agreement. During his confirmation hearing, Ross advocated the need for bilateral trade deals rather than sweeping agreements such as the 12-nation Trans-Pacific Partnership.

President Trump began recasting America’s role in the global economy, canceling an agreement for a sweeping trade deal with Asia as one of his first official White House actions. After meeting with business executives to discuss the US manufacturing industry, President Trump headed to the Oval Office to sign an executive order formally ending the United States’ participation in the Trans-Pacific Partnership. The move was largely symbolic -- the deal was unlikely to make it through Congress -- but it served to signal that President Trump’s tough talk on trade during the campaign will carry over to his new administration.

If you really want to know how the economy is doing now, just Google it. At least that’s the goal of a growing number of researchers who are turning to big data in hopes of unlocking the secrets of the economy at the speed of the Internet.

The movement -- dubbed “nowcasting” -- is piquing the interest of policymakers in Washington and around the world frustrated by the long lag in official government statistics as they make decisions where timing is everything. Want to figure out where prices are headed in 86 countries on a given day? A project at the Massachusetts Institute of Technology tracks them at thousands of retailers. How many people will file for unemployment benefits in one week?

Economists at the University of Michigan are tapping Twitter to estimate the number of new applicants. Are more young men finding jobs? Google suggests the incidence of searches for adult entertainment can provide a clue.

“Statistics serve us really well and are completely essential as benchmarks for where the economy is -- or more precisely, has been,” said Matthew Shapiro, an economist at the University of Michigan working on the Twitter project. “But we don’t have a lot of indicators that tell us what’s happening right now, particularly when the economy is changing direction.”

The government’s meticulous method of collecting data still relies heavily on phone conversations with families and businesses. Though its numbers are considered the gold standard, the aftermath of the Great Recession has shown the data can come too late for policymakers at crucial moments in the recovery. In the midst of the recession, Google’s chief economist Hal Varian released a paper showing how to use the company’s search data to measure auto sales and consumer spending, among other things. Now, researchers both inside and outside of government are using it to estimate everything from unemployment to mortgage delinquencies.