Informal Remarks to Reporters on the Nation's Economy

The President. That's making it a little difficult. What?

Q. Are you going to talk to us about the GNP and your reactions?

The President. That's what I was just going to do is make a statement here.

I'm sure you've all heard, but if you haven't, the remarkable good news from the Department of Commerce, that they have readjusted the figures for the first quarter. And the growth in the first quarter was 9.7 percent in the gross national product.

The inflation, the GNP deflator, was 3.9 percent for that first quarter. Now the estimate for the second quarter is growth of 5.7 percent and an inflation rate of 2.8. And all of this is remarkable good news and is evidence that we have a solid recovery that is going forward without a renewal of inflation.

We're all very pleased.

Q. From the Russians on the summit, have you heard anything new since your news conference? Have you heard anything new on the summit?

The President. No, no, we're still, as I say, communicating, and—but, we haven't got anything new to say.

Q. Will there be a summit this year?

The President. I couldn't say. I really don't know.

Okay? Well, I'm off to Connecticut and New Jersey.