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STATEMENT: CAP Economist Adam Hersh on Today’s GDP Report

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Contact: Katie Peters
Phone: 202.741.6285
Email: kpeters@americanprogress.org

Washington, D.C. — Center for American Progress Economist Adam Hersh had the following reaction to the announcement of the first-quarter GDP numbers released this morning by the Bureau of Labor Statistics:

U.S. economic growth rebounded to 2.5 percent in the first-quarter of 2013. Much of this growth, however, resulted from a rebuilding of inventories depleted over previous quarters. It is clear that the underlying growth trend for the U.S. economy remains exceedingly fragile—and we have barely only begun to feel the impacts of sequestration’s automatic spending cuts. Politicians should eliminate the major risk and uncertainty that fiscal austerity poses for U.S. economic recovery.

To speak with a CAP expert about the GDP report, contact Katie Peters at kpeters@americanprogress.org or 202.741.6285.

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