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United States of America

Department of Commerce

Commerce Seal montage illustrating the work Commerce does is a resource for the American people to find help to keep their homes, find jobs and protect their savings.

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Statement by Secretary Gutierrez on Third Quarter GDP

Washington (Oct. 30)—U.S. Commerce Secretary Carlos M. Gutierrez released the following statement on the advance third quarter real gross domestic product (GDP), which showed that the U.S. economy decreased at an annual rate of 0.3 percent in the third quarter of 2008: “While not unexpected, the third quarter GDP report is clearly disappointing. The administration, along with Congress, has taken bold, necessary steps to help stabilize our economy. While it will take time for the full impact to be felt, Americans are the most resilient and productive people in the world, and we will bounce back.” (More)