Brady Statement on GDP Report for 1st Quarter of 2018
Washington, D.C. – Today, House Ways and Means Committee Chairman Kevin Brady (R-TX) issued the following statement after the Bureau of Economic Analysis released its report on Gross Domestic Product (GDP) in the first quarter of 2018:
“Even with the tax cuts just beginning to kick in for families, this is an encouraging start to what is expected to be a year of solid economic growth ahead, with growth coming in at 2.3 percent at an annual rate and 2.9 percent year over year.
“There are three important points that shouldn’t be missed: First, America is seeing the fastest wage gains in the private sector in a decade, which is great news for workers who struggled with stagnant paychecks for far too long.
“Secondly, a new report shows the fastest growth in capital expenditures since 2011, a sign that stronger investment in America is on the way. That’s important for jobs and paychecks.
“A final point: Thanks in large part to our success in reining in regulations and enacting a new competitive tax code, unemployment claims are at their lowest since in the 1960s, consumer confidence is high, Main Street businesses are optimistic, and workers’ paychecks are growing.”
NOTE: Real GDP increased at an annual rate of 2.3 percent in the first quarter of 2018.