(CNN) – Republican nominee Mitt Romney said Friday's third-quarter economic numbers indicate sluggish growth, falling short of what President Barack Obama's administration had anticipated when the president took office in 2009.
"Today, we received the latest round of discouraging economic news: Last quarter, our economy grew at only two percent, less than half the 4.3% rate the White House projected after passing the stimulus bill," said Romney in a statement issued Friday after the Bureau of Economic Analysis released an advance estimate of the economy's growth in the third quarter.
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Gross domestic product, the broadest measure of the nation's economic health, however, showed economic growth picked up in the third quarter - boosted by strong consumer spending, an improving housing sector and increased defense spending. The GDP grew at an annual rate of 2% from July to September, the Commerce Department said Friday, faster than the 1.3% in the second quarter.
Economists surveyed by CNNMoney had predicted a 1.7% growth rate for the third quarter.
"Slow economic growth means slow job growth and declining take-home pay," Romney said in the statement. "This is what four years of President Obama's policies have produced. Americans are ready for change - for growth, for jobs, for higher take-home pay. Paul Ryan and I will deliver it."
Romney's statement comes hours before he will deliver an economic speech in Ames, Iowa.
The Obama campaign said the Commerce Department's GDP growth report shows signs of recovery whereas Romney's proposed economic plan would only slow the recovery and place the burden on the middle class.
"While we have more work to do, today's GDP growth report, showing the 13th straight quarter of growth, is more evidence that our economy continues to come back from the worst recession since the Great Depression under President Obama's leadership," said Obama campaign spokesman Adam Fetcher, pointing to businesses adding 5.2 million jobs over two and half years and the lowest unemployment levels since when Obama took office in 2009.
"Romney's hiding the truth because he knows his plans would punish the middle class and take us back to the same failed policies that crashed the economy and created record job losses in the first place," said Fetcher. "There's a clear economic choice in this election, and the American people want to move forward, not back."
Friday's GDP report also showed residential construction accelerated at a 14% pace, an indication that housing sector may have started to recover. The impact, however, is minor because housing makes up less than 3% of the entire U.S. economy.
Federal defense spending also boosted the economy, growing at a 13% annual rate after shrinking in the three prior quarters.
Meanwhile, businesses were a bit more cautious and slowed their spending. Weak exports also weighed on growth.
–CNN's Dana Davidsen and CNNMoney's Annalyn Censky contributed to this report.
Canadian media release
U.S. economy expanding faster than expected
Posted: Oct 26, 2012 8:48 AM ET
Last Updated: Oct 26, 2012 9:16 AM ET
America's economy expanded at a faster pace than expected and at a faster pace than earlier in the year in the most recent quarter. (Jacques Boissinot/Canadian Press)
America's GDP expanded at a two per cent pace in the three months up to the end of September, better than the 1.8 per cent pace that economists had been expecting
Why change horses in mid-stream..Obama has got the economy turning round and going in the right direction. Besides, Romney as president would be a very scary proposition, not just for America but for the rest of the world. It's very unclear as to what his real stance will be if he is elected, given that he has changed positions enough times to make your head spin.
Why are you not mentioning all the bills the Republican led congress FILIBUSTERED?
FILIBUSTERED, NOT VOTED NO ON, but filibustered so that no one could vote on it because they knew they would pass.
Bill helping veterans to get jobs when they come back from the wars?
Bill helping underwater mortgages refinance so that theres extra money in families bank accounts, money they then spend and drive the economy upwards?
Bill lowering taxes on companies that create jobs here and raise taxes on companies that outsource?
Of the three choices: A) getting better B)staying the same C) getting worse, how is the econemy doing?
As usual, the republicans are soooo happy to depict doom and gloom scenarios... to facilitate their maneuverings!
Wow, so impressed with Romney's latest big slogan about change. If he would just add something about hope it would be so much easier for us voters to select between Obama's Hope and Change vs. Romney's Change and Hope! There would be nobody left undecided then!
How can anyone take Romney seriously??
Things are looking up!
The economy is rebounding!
We are better off today than we were in 2008!!!!
Discouraging to GOP because their efforts to stop the US recovery are failing.
Yipee or Yippee- either way – GO Obama- 4 more 4 shure.
This number is certainly nothing to celebrate. Second quarter growth was only 1.3%. When you get that low it's not too hard to do better.
I'll take 2% growth over the terrible decline we saw under Republican leadership.
The economy grew! Of course Romney and the rest of his Repub cronies hate that since it means they will probably lose the election.
JM- What a simple minded little twit UR- hopefully not enough of U dimwits to turn around an improving economy by electing a flip-flopping ex Governor.
If memory serves, GOP governors took the Stimulus Funds they received ( after trashing the whole idea) and used them to balance their state budgets ( Perry, Sanford, Jindall, etc). If they had used the money to put people back to work, like it was supposed to be, our GDP would be much higher, and the unemployment rate would be where the president projected it to be. What we got instead was a slower recovery only because the GOP did not want one. Apparently, its ok to use federal funds to cover your mistakes at the state budget level, but its wrong to use that same money to put people back to work. Amazing.
Obama promised hope and change in 2008. He indicated that if you dont have record to run on, the paint the other person as someone to run from. Now Obama's message is "forward". Wonder why that is? It is because he does not want you to look back at his promise of hope and change and realize he is not the person to deliver either. The only change he will bring about is the moral decay of our society through pandering to every minority group out there just to get their votes. Unbelievable.
I'm listening to Mitt and I am amazed at the enormity of false rhetoric spewed. I wish people would not fall for his lies. He is a liar.
Romney / Bush
It's a deferent time , take the chance , roll the dice 2012
Why change horses in mid-stream..Obama has got the economy turning round and going in the right direction.
After 4 years, this is not mid stream. He started right out in January 2009 with bold moves on his economic ideas. It is now the 4th quarter of 2012. Hear that big buzzer? Time's up! Americans have been suffering long enough.
Mitt uses (gasp) teleprompters.
He offered no plans, no details, just more bullcrap. Another misleading stump speech.