January 27, 2006 Statement by Treasury Secretary John Snow The advanced estimate of fourth quarter 2005 GDP released this morning is inconsistent with the underlying strength of the U.S. economy. I would not read too much into today's numbers. They are somewhat anomalous, reflecting some special factors. They are not consistent with other data on the U.S. economy which paint a picture of good growth:
The American economy is on a good course and I am very confident. I am optimistic about the first quarter and the year ahead and am confident that we will see strong growth for the year. On a year-over-year basis the economy has grown at 3.5%, which is certainly good strong growth. We will look forward to revisions of the preliminary estimates in the coming months. Economic fundamentals point to continued strong economic performance in the United States in 2006. The U.S. economy is performing well.
|
||