WASHINGTON, DC – Jay
Shambaugh, Member of the Council of Economic Advisers, issued the
following statement today on the second estimate of GDP for the
fourth quarter of 2015.
Fourth-quarter economic
growth was revised up and domestic demand continued to grow. Overall,
the most stable and persistent components of output—consumption and
fixed investment—rose a solid 2.7 percent over the four quarters of
2015. Weaker foreign growth continued to weigh on domestic output in the
fourth quarter, underscoring the importance of policies that open our
exports to new markets while promoting strong domestic demand. There is
more work to do, and the President is committed to policies that will
boost our long-run growth, including high-standards free trade
agreements like the Trans-Pacific Partnership and raising the minimum
wage.
You can view the full statement HERE.
Source: The White House, Office of the Press Secretary
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