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Commerce Secretary Gary Locke Statement on 2nd Quarter GDP

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FOR IMMEDIATE RELEASE

Friday, July 31, 2009

CONTACT OFFICE OF PUBLIC AFFAIRS

202-482-4883

Commerce Secretary Gary Locke Statement on 2nd Quarter GDP

The Commerce Department’s Bureau of Economic Analysis today released data on GDP in the second quarter along with comprehensive revisions to the historical GDP data.

Real GDP declined 1.0 percent at an annual rate in the second quarter, better than the private-sector expected drop of 1.5 percent.This decline is noticeably less than the larger decreases of 5.4 percent in the fourth quarterof 2008and 6.4 percent in the first quarterof 2009.The revisions to 2008 data suggest that the economic slowdown was greater in that year than previously measured, with real GDP falling 1.9 percent during the four quarters of 2008 rather than 0.8 percent aswas previously reported.

Commerce Secretary Gary Locke released the following statement in response to the new report:

“Today’s GDP numbers demonstrate that we are making real progress in ending this recession.Leading indicators of activity are pointing up, and the housing sector appears to be stabilizing.As more stimulus dollars hit the street, we should make headway in improving the difficult employment and financial conditions in many hard-hit regions of the country.”