President Joe Biden celebrated Thursday's gross domestic product report, claiming in a statement that the results prove "that the American economy remains strong, as it transitions to steady and stable growth."
The Bureau of Economic Analysis published data Thursday morning showing the economy growing at a rate of 1.1% in the first quarter of 2023, falling short of both projections and the 2.6% posted in the fourth quarter of 2022.
ECONOMY GREW BY 1.1% IN FIRST QUARTER OF 2023 DESPITE RISING RATES
The data did show a degree of economic resilience, despite repeated rate hikes from the Federal Reserve aimed at combating inflation, and consumer spending accelerated to 3.7% annually.
"This past quarter, real personal disposable income increased and American consumers continued to spend, even as the overall pace of growth moderated," Biden wrote. "This follows reports that our economy added more than 300,000 jobs per month during the quarter, the unemployment rate remained near a 50-year low, and workforce participation for working-age Americans is the highest in 15 years."
The president additionally said that his "Investing in America agenda is rebuilding the economy from the middle out and the bottom up, following decades of failed trickle-down economic policies."
"By investing in manufacturing and building out our supply chains, we are creating good-paying jobs here at home that you can raise a family on, lowering the costs of energy and the Internet to give hardworking Americans more breathing room, and making sure that no community is left behind," he closed. "These policies have helped the economy create a record 12.5 million jobs over the past two years — and nearly 800,000 manufacturing jobs."
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
The economy and inflation remain Biden's largest domestic vulnerability heading into his 2024 reelection bid.
Voters consistently point to inflation as their top domestic issue, and most experts expect the economy to shrink further throughout the remainder of 2023.