Second Quarter GDP Figures
Secretary of Commerce Ron Brown and Chair of the Council of Economic Advisors Laura Tyson briefed the media on the GDP numbers released toda… read more
Secretary of Commerce Ron Brown and Chair of the Council of Economic Advisors Laura Tyson briefed the media on the GDP numbers released today. Tyson noted that, in the second quarter, real GDP increased at an annual rate of 3.7 percent. The economy created over 1 million new jobs. Over the past six quarters the economy has averaged an annual growth rate of 3.2 percent, more than twice the average growth rate of the previous 4 years. Tyson reported that the deficit continues to decline faster than expected. Consumer confidence remains high. The industrial sector is enjoying steady growth in orders, and inflation remains subdued. “So far, everything we’ve seen in 1994 confirms our forecast of a sustainable investment-led expansion with low inflation,” Tyson said. close
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