Faltering Economic Growth and the Need for Economic Stimulus

October 30, 2008

Washington, D.C. – U.S. Senator Charles E. Schumer and Representative Carolyn B. Maloney, Chairman and Vice Chair respectively of the Joint Economic Committee (JEC), held a hearing about the Bureau of Economic Analysis’s release of the Gross Domestic Product (GDP) numbers for the third quarter on Thursday, October 30, 2008 at 10:00 am in Room 106 of the Dirksen Senate Office Building.  Preliminary data show that export growth has stalled while real consumer spending declined in July, and did not grow in August, and retail sales have fallen sharply over the past few months. These data indicate that the third quarter GDP will likely will show faltering overall economic performance.

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