Press Release

Gutierrez Hails Twenty-Second Quarter of Economic Growth

CLEVELAND—Commerce Secretary Carlos M. Gutierrez today released the following statement on the first quarter real gross domestic product (GDP) report, which showed that the American economy grew at 1.3 percent in the first quarter of 2007:

“While the growth rate is slower than recent quarters, it’s important to realize a quarter is only a snapshot of the larger economic picture. Quarterly numbers bounce around, but the bottom line is that our economy remains solid. Today’s GDP report marks the 22nd consecutive quarter of growth for the American economy and is a vivid reminder that sound economic policies continue to keep consumers active, boost job creation and keep our economy growing. Expanding our exports over the last few years has contributed to our growth and now is the time for Congress to approve pending trade agreements, extend President Bush's trade promotion authority, and make the President’s tax cuts permanent.

“The President's pro-growth policies have created an environment where Americans can compete, innovate and prosper. It’s Small Business Week, and the President’s trillion dollar tax cuts have helped small businesses invest, hire more workers and increase America’s ability to compete in the global economy. America’s small business owners have helped make America the fastest growing major industrialized nation in the world since 2001.

“In order to maintain our economic growth, we must find a comprehensive immigration solution. With our history of successful assimilation, immigration has historically been a competitive advantage for the United States. Democrats and Republicans in Congress must work together to pass a comprehensive immigration bill.”