JEC News:

WASHINGTON, D.C. — U.S. Sen. Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement Thursday after the Bureau of Economic Analysis (BEA) reported its initial estimate that real first-quarter gross domestic product (GDP) expanded 1.6% on an annual basis.

“While the growth of the U.S. economy has slowed, our economy and labor market continue to show resilience in the face of strong economic headwinds. Unemployment remains low and real wages are up and growing faster than prices.

“At the same time, high interest rates and tighter credit conditions are weighing on families. That’s why Democrats are continuing to work to make housing more affordable and lower the cost of child care, health care, and prescription drugs.”