Daily News: July 31, 2014

Commerce Department: 4% GDP Growth Exceeds Expectations

The Commerce Department released its advance estimate of gross domestic product (GDP) growth for the second quarter of 2014. Real GDP increased at an annual rate of 4.0%, exceeding market expectations of a 3.0% rise.

“Today’s advance estimate of real GDP is a positive signal that our economy is continuing its steady rebound,” said U.S. secretary of commerce Penny Pritzker. “The number shows our economy is still recovering from the worst downturn since the Great Depression and why we must continue our work to build on this positive momentum. To echo the President, that is why it is important that our nation make needed investments in infrastructure, reform our immigration system and ensure more of our workers have the skills needed to succeed in a competitive global economy. The U.S. Commerce Department – through our ‘Open for Business Agenda’ – will continue to encourage more companies to export, increase foreign direct investment in the U.S., strengthen regional manufacturing and economic development hubs, ensure workers have the skills to find jobs businesses need to fill, and unleash more of our data, all of which helps businesses grow and create American jobs.”

To read a related New York Times article, click here.