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CBO: Up to 2.9 Million People Owe Their Jobs to the Recovery Act

August 30, 2011 at 11:47 AM
BY
Michael Leachman

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 second quarter of 2011 the Recovery Act:

  • increased the number of people employed by between 1.0 million and 2.9 million,
  • increased real GDP by between 0.8 percent and 2.5 percent (see chart below),
  • reduced the unemployment rate by between 0.5 percentage points and 1.6 percentage points (see chart below), and
  • boosted the number of "full-time-equivalent" jobs by between 1.4 million and 4.0 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.)


3.1-GDP-ARRA-OPT.jpg

3.2-U-ARRA-OPT.jpg

For these and other charts on the economy, see our updated chart book.


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