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WASHINGTON – House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the gross domestic product (GDP) showed an annual growth rate of 3.5 percent in Q3:
“Today’s report is a clear indicator that America’s small business owners and their employees are experiencing continued growth with consumer spending on the rise. This increase in consumer spending has a direct and positive impact on our nation’s 30 million small businesses. There’s no question that through macroeconomic data trends demonstrating positive marks as a whole, our booming economy bodes well for American innovators, consumers, and workers. I’m pleased to see the job market continue to be strengthened as the direct impact of our pro-growth policies are in full effect.”
GDP report highlights:
- Over the past four quarters, GDP has grown 3 percent.
- More than two-thirds of the United States economic activity is consumer spending, and it grew 4 percent this quarter.
- Real disposable income (RDI) has grown at an annual rate of 2.9 percent over the past two years.
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