Press Release

Statement of Secretary Gutierrez on First Quarter GDP Revision

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the revised first quarter real gross domestic product (GDP) report, which showed that the American economy grew at 0.6 percent in the first quarter of 2007:

“Although GDP was revised downward due in large part to revisions to inventories, I’m encouraged that first quarter growth in consumer spending and business investment, not only held up well, but was higher than previously thought. Our economy continues to chart a course of growth marked by historically low unemployment and rising wages. Numerous headwinds still haven’t knocked our economy off its 22 straight quarters of growth. The President’s pro-growth policies have kept the economy steady. In light of today’s number, it’s clear now is not the time to hit the economy with tax increases or other anti-growth measures.

“In order to keep growing our economy, we must ensure that we have a workforce for the future. I urge Members of Congress to seize this historic opportunity to work together toward comprehensive bipartisan immigration reform to secure our borders and meet the needs of our economy.”