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Department of Commerce

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Press Release



Thursday, October 30, 2008


Statement by Secretary Gutierrez on Third Quarter GDP

WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez today 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.

“In the wake of a global slowdown, we need to continue pressing forward with open markets and free trade to generate growth, opportunities and prosperity. Now is the time to continue to engage with the world, and work with urgency to open new markets and expand opportunities for our exporters. I urge Congress to take up the three pending free trade agreements to send a signal that the United States is still the best place in the world to do business.”