Statement from President Joe Biden on Second Quarter GDP Report

The economy is growing and we’re lowering costs for families. That’s Bidenomics at work. Today’s report shows that the economy grew at a 2.4 percent annual rate in the second quarter while inflation fell significantly.  Private business investment was strong and investment in manufacturing facilities contributed more to growth than it has in 40 years, consistent with my Investing in America agenda.  The economy’s continued growth builds on what was already the strongest pandemic recovery and lowest inflation of any G-7 country. This progress wasn’t inevitable or accidental—it is Bidenomics in action, growing the economy from the middle out and bottom up, not the top down. And hard-working Americans are seeing the results: Our unemployment rate remains near record lows, inflation has fallen by two thirds, real wages are higher than they were before the pandemic, and we’ve seen more than half a trillion dollars in private sector investment commitments in clean energy and manufacturing. My economic plan is working—and we’re just getting started.

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