Press Release

Statement by Secretary Gutierrez on Third Quarter GDP

WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez today released the following statement on the final third quarter real gross domestic product (GDP), which showed that the U.S. economy declined at an annual rate of 0.5 percent in the third quarter of 2008:

“Today’s GDP report further demonstrates that our economy continues to face critical challenges that directly affect families, workers and businesses throughout our nation.

“Under President Bush’s leadership, this administration has taken a series of important steps to help stabilize our financial system and prevent additional economic problems from impacting Americans. Through execution of the financial rescue package, the Treasury Department is working to restore stability to our markets and our economy.

“Last week, the administration made another difficult, but necessary, decision to provide financing to the American auto industry under terms that require vital restructuring and also protect taxpayers. The collapse of the auto industry would further reduce GDP and cause the loss of more than a million jobs in communities across our country.

“As we continue to deal with these challenges, we must also support policies that keep taxes low and expand opportunities to export U.S. products.

“The United States has the most diverse and resilient economy in the world. I am confident we will recover from this difficult situation and return to the path of economic growth.”