Statement on the Second Estimate of GDP for the First Quarter of 2016

 
WASHINGTON, DC – Jason Furman, Chairman of the Council of Economic Advisers, issued the following statement today on the second estimate of GDP for the first quarter of 2016. 

Summary: Real GDP growth was revised up to 0.8 percent at an annual rate in the first quarter. 

First-quarter economic growth was revised up 0.3 percentage point to 0.8 percent at an annual rate. Strong growth in residential investment boosted real GDP growth, but weakness in business investment and exports—exacerbated by weak foreign demand and low oil prices—weighed on growth. Consumer spending grew at a moderate pace in the first quarter. Nevertheless, labor market data remain robust, with continuing private-sector job creation and wage growth picking up noticeably so far in 2016. But there is more work to do, and the President will continue to call on Congress to support policies that will boost our long-run growth and living standards, including policies to support innovation and investments in infrastructure and job training and to promote greater competition across the economy, as well as high-standards free trade agreements like the Trans-Pacific Partnership.

The complete statement is available here.  

Source: The White House, Office of the Press Secretary