CEA Releases Sixth Quarterly Report on the Economic Impact of the Recovery Act
WASHINGTON, DC – The Council of Economic Advisers today released its latest quarterly report on the economic impact of the American Recovery and Reinvestment Act. The report shows that the Recovery Act continues to play a key role in supporting the economy. Specifically, the Recovery Act added as much as 3.2 percent to the level of fourth quarter GDP and raised employment by as many as 3.6 million jobs.
Overall, the Recovery Act has played a significant role in the turnaround of the economy, which has grown for six straight quarters and has added 1.5 million private sector jobs over the past 12 months.
This is the sixth quarterly report the Council of Economic Advisers has submitted to Congress on the employment and economic impact of the Recovery Act. The report can be viewed in full HERE.
- As of the fourth quarter of 2010, the Recovery Act raised employment by 2.5 to 3.6 million jobs.
- GDP began to grow steadily in the third quarter of 2009, and has now grown for six consecutive quarters, including continued growth in the fourth quarter of 2010.
- The Recovery Act has raised the level of GDP as of the fourth quarter of 2010 by between 2.3 percent and 3.2 percent.
- Public investment spending on items such as infrastructure and clean energy under the Recovery Act now totals $142 billion.