WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement on today’s 2nd quarter GDP report:
“Today’s news on America’s gross domestic product includes some promising signs for our economic recovery. According to the Commerce Department, the decline in our GDP is tapering off, an indication that our economy is stabilizing after the severe recession that began in 2007. GDP fell at a rate of 1 percent from April to June, compared with a 50-year record decline of 6.4 percent in the first quarter of this year. Those numbers show that we are not out of the woods yet—but they give reason for hope that the worst is over, and that our recovery is underway.
“Combined with a rebound in the housing market, a stock market that has steadily grown since January, and a decline in the rate of job losses, today’s news is further evidence that Democrats were right to pass economic recovery legislation. The Recovery and Reinvestment Act continues to fund job-creating infrastructure projects across America, help state governments keep public servants from police officers to teachers employed, and stimulate economic demand. The road to a full recovery will, no doubt, have more bumps in it, but we are heading in the right direction.”