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Statement by Secretary Gutierrez on Second Quarter GDP

Washington (July 31)—Commerce Secretary Carlos M. Gutierrez released the following statement on the preliminary second quarter real gross domestic product (GDP), which showed that the U.S. economy grew at a rate of 1.9 percent in the second quarter of 2008: “Second quarter growth was twice the rate of the first quarter despite economic headwinds. Today’s report demonstrates that the stimulus was the right plan at the right time—and that it’s working.We are seeing signs that consumers are spending their money in ways that make sense for them.” (More)