Wednesday, November 23, 2011

Up to 2.4 Million People Owe Their Jobs to the Recovery Act

November 23, 2011 at 11:23 am

A new Congressional Budget Office analysis finds that the 2009 Recovery Act (ARRA) is continuing to save jobs and protect the economy from what would have been a much deeper recession. As we describe in an updated analysis, in the third quarter of 2011 the Recovery Act:

increased the number of people employed by between 0.4 million and 2.4 million,
increased real GDP by between 0.3 percent and 1.9 percent (see chart below),


reduced the unemployment rate by between 0.2 percentage points and 1.3 percentage points (see chart below), and


boosted the number of “full-time-equivalent” jobs by between 0.5 and 3.3 million, both by saving jobs and by boosting the number of hours worked. (Without the Recovery Act, many full-time workers would have been reduced to part-time status and fewer would have worked overtime.)



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