Press Releases

JEC Chair Maloney’s Statement on 2010 2nd Quarter GDP

Jul 30 2010

Washington, D.C.
– Congresswoman Carolyn B. Maloney, Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the announcement that GDP rose 2.4 percent in the second quarter of 2010:

"Today’s GDP number shows that the recovery which began in the third quarter of 2009 is continuing. As a result of actions taken by Congress, the economy has now experienced four consecutive quarters of positive GDP growth. While the growth is not as strong as we would like to see, we’ve come a long way in 12 months.

"I was especially pleased to see that business investment grew at a healthy rate."

• Real nonresidential fixed investment increased by 17 percent.

• Equipment and software grew by more than 20 percent for the second consecutive quarter.

"This kind of business investment growth signals that our recovery is continuing. However, consumer spending is still below where it needs to be to get job creation going. Also, the annual revisions show that the recession President Obama inherited from his predecessor was even deeper than previously understood.

"Congress should continue to enact policies that expand access to capital for small businesses, support state and local governments, and strengthen our economy. We’ve made significant progress from a year ago, when the economy had contracted for four consecutive quarters. But we need to stay focused on creating jobs and ensuring that the recovery gains strength in the coming quarters."

GDP Grows for Fourth Consecutive Quarter


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

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