The Recovery Act is Working
Yesterday we learned that GDP had grown at an annual rate of 3.5 percent during the third quarter, the first time the economy had grown in more than a year.
Today new reports confirm that the Recovery Act is responsible for more than 1 million jobs so far – and is on-track to create and save a total of at least 3.5 million jobs by next fall. The reports (which are required by Congress) were submitted by state and local governments, private companies, community organizations and other recipients of Recovery funds. The reports indicate 640,329 jobs have been created or saved, on a little less than half of stimulus spending to-date.
The majority of the jobs reported today were in the construction and education sectors — about 325,000 of the jobs reported were in education and more than 80,000 of the jobs are in construction.
Jared Bernstein, Vice President Biden’s Chief Economist and the Executive Director of the Middle Class Task Force, has a great post on the White House blog about today’s news. You can access the reports at Recovery.gov.
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