WASHINGTON,
DC – Jason Furman, Chairman of the Council of Economic Advisers, issued
the following statement today on the first estimate of GDP for the
second quarter of 2016.
Summary: Real
GDP grew 1.2 percent at an annual rate in the second quarter, with
strong consumer spending growth offset in part by a decrease in
inventory investment.
The
economy grew 1.2 percent at an annual rate in the second quarter of
2016, due in part to a large decline in inventory investment (one of the
most volatile components of GDP), along with declines in business
investment, residential investment, and government spending. However,
consumer spending grew strongly at 4.2 percent, and, in contrast to the
pattern in recent years, net exports also added to GDP. Overall,
the most stable and persistent components of output—consumption and
fixed investment—rose a solid 2.7 percent in the second quarter. Today’s
report underscores that there is more work to do, and the President
will continue to take steps to strengthen economic growth and boost
living standards, including promoting greater competition across the
economy; supporting innovation; and calling on Congress to increase
investments in infrastructure and to pass the high-standards
Trans-Pacific Partnership.
Click here to read the complete statement.
Source: The White House, the Office of the Press Secretary
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