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Economy Expands for Third Straight Quarter

Courtesy Ashley Patterson,

Washington, DC – Congressman Henry Cuellar (TX-28) today released the following statement in response to a Commerce Department report released Friday that shows the U.S. economy grew swiftly in the first quarter of 2010, calling it a good sign as the nation continues on a path of economic recovery. According to the report, the nation’s gross domestic product (GDP) grew at a rate of 3.2 percent between January and March. Consumer spending makes up approximately 70 percent of the nation’s GDP.

“This marks three straight quarters of economic growth as our nation continues its economic recovery in the wake of the worst recession since the 1930s. This first quarter report is one more sign of good things to come as Americans renew their confidence in consumer spending. These numbers continuously show the economy is growing. With less job loss, more spending and more hiring, it is clear that the American economy is turning around.

“After losing 8 million jobs since the recession began in 2007, we saw the single largest job growth in the past three years with an increase of 162,000 new jobs created in March. This was a sharp departure from the record-setting job losses of 2008 that totaled 2.6 million across the nation. Without a doubt, this Congress has helped steer our economy back on track under a direction aimed at helping average everyday people. In just one year, we’ve given tax cuts to 95 percent of all hard–working Americans, including 274,000 families in my district.

“When we put money back in the pockets of these families, we see economic growth as this report indicates today. The nation’s gross domestic product is the pulse of the American economy and numbers indicate that it is beating strong. The more we can do to support consumers, help small businesses and hard-working families, the more resilient we’ll be in the long run. Today’s report is good news and it is clear that our economy is bouncing back.”