Rep. Capps Statement on Encouraging 3rd Quarter GDP Report

October 30, 2009 -- WASHINGTON, D.C. - Congresswoman Lois Capps released the following statement today after the announcement that GDP rose 3.5% in the third quarter of 2009:

“Today’s announcement that GDP grew by 3.5% in the third quarter of this year is positive news and encouraging, providing another sign that our economy is slowly recovering from the deepest recession in 75 years. This growth is significant, amounting to a turnaround of nearly 10% in just two quarters and it stands in contrast to the beginning of the year when the economy contracted by 6.4%. This is also the largest reversal of GDP since 1980, and the first increase since last year.

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“This news is certainly welcome but we still have a long way to go as we continue to work to create jobs, help families hurt by the recession, and ensure long term economic growth. While the rate of job loss has decreased dramatically this year, we know there are still far too many folks on the Central and South Coasts who remain unemployed or underemployed and we have to help them. Even though jobs are widely known to be the last piece of an economic recovery, I am working closely with my Democratic colleagues and President Obama to do all that we can to encourage job growth and help those Americans who are still looking for work.”

Source: Congresswoman Lois Capps