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Today, Chairman of the Joint Economic Committee Mike Lee (R-UT) released the following statement in response to the U.S. Labor Department October 2019 jobs report...
GDP grew at 2.1% in the second quarter, beating expectations though slowing from last quarter’s 3.1% rate. The increase confirms other economic data showing we have matched the longest economic expansion on record, quarter for quarter. The annual GDP revisions also show that growth in 2017 was stronger than the original estimate—2.4%, revised up from 2.2%.
“This first quarter estimate of 3.2% GDP growth beat expectations and places the U.S. economy on solid footing for the beginning of 2019. Accelerating exports and decreasing imports led growth in the first quarter, along with increases in business inventories. This puts us ever closer to the longest U.S. economic expansion on record.”