Alternate Title: Statement on GDP [Gross Domestic Product] from CEA [Council of Economic Advisers] Chair Christina Romer [October 29, 2009]
Christina Romer, Chair of the Council of Economic Advisors (CEA) on October 29, 2009 gave the following statement: "Data released today [October 29, 2009] by the Commerce Department show that real GDP [gross domestic product] grew at an annual rate of 3.5 percent in the third quarter of the year. This is in stark contrast to the decline of 6.4 percent annual rate just two quarters ago. Indeed, the two-quarter swing in the rate of growth of 9.9 percentage points was the largest since 1980. Analysis by both the Council of Economic Advisers and a wide range of private and public-sector forecasters indicates that the American Recovery and Reinvestment Act of 2009 contributed between 3 and 4 percentage points to real GDP growth in the third quarter. This suggests that in the absence of the Recovery Act, real GDP would have risen little, if at all, this past quarter."
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