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"The economy
continues to gain
momentum"
Press release from the
White House
RV press releases / RV news articles
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1/28/2011 -
The following article is from a press
release made by The White House
"Advance Estimate of GDP
for the Fourth Quarter of 2010"
Today’s report shows that the growth rate of
the economy continued to increase in the
final quarter of 2010, a further sign that
the economy continues to gain momentum as it
recovers from the worst recession since the
Great Depression. Real GDP, the total amount
of goods and services produced in the
country, grew at a 3.2 percent annual rate
in the fourth quarter of last year, the
sixth straight quarter of positive growth.
For 2010 as a whole, GDP rose 2.9 percent,
the fastest since 2005 and a dramatic
reversal compared with the -2.6 percent rate
in 2009. Private forecasters have predicted
that the tax cut package signed by the
President in December will have a
significant impact on economic growth this
year. We are on the right path, but have a
lot more work to do to accelerate growth so
that we are creating the jobs we need.
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"The overall trend of economic data over
the past several months has been encouraging"
Some key components of GDP continued to expand
in the fourth quarter, including exports (8.5
percent), consumer spending (4.4 percent),
equipment and software investment (5.8 percent),
and residential spending (3.4 percent).
Government spending fell 0.6 percent.
Consumption and net exports made the largest
positive contributions to growth this quarter,
while the decline in inventory investment
subtracted substantially from GDP growth.
The overall trend of economic data over the past
several months has been encouraging. The
measures we worked with Congress to pass last
month that continue tax cuts for the middle
class and extend unemployment insurance are
important for strengthening the recovery in 2011
and putting more money in the pockets of
American families. The incentives for business
investment will further boost the economy. The
Administration will continue to focus on actions
that the President has recommended to increase
growth and job creation, such as providing
incentives to encourage businesses to invest and
hire here at home, investing in education and
infrastructure, and promoting exports abroad.
"The economy
continues to gain momentum"
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