Washington, DC (October 30, 2019) – Today, the Bureau of Economic Analysis announced that the economy grew by 1.9 percent in the third quarter of the year.
“Today’s GDP report was stronger than expected, boosted by a 2.9% increase in consumer spending, showing people are feeling confident about the economy and spending money. The housing sector is doing extremely well, with residential homebuying rising 5.1% after six straight quarters of decline. Hispanics, in particular, have reason to cheer. They are experiencing the lowest unemployment rate in history and they were responsible for nearly two-thirds of the net homeownership gains in 2018.
With more than seven million unfilled jobs, our economy has more room to run, which is why the Federal Reserve should lower rates at today’s meeting. Lower rates will take our economy to a higher level, empowering small business owners to borrow, expand, and create jobs. Our economy has made tremendous strides under President Trump, but we cannot get complacent. We need the Fed and Congress to work with the Administration to put the pedal to the metal on smart, pro-growth policies.”