CEA Releases Seventh 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 first 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 seven straight quarters and has added 2.1 million private sector jobs over the past 15 months.

This is the seventh 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 (www.whitehouse.gov/sites/default/files/cea_7th_arra_report.pdf) .

Key Findings

• As of the first quarter of 2011, the Recovery Act raised employment by 2.4 to 3.6 million jobs.
• GDP began to grow steadily in the third quarter of 2009, and has now grown for seven consecutive quarters, including continued growth in the first quarter of 2011.
• The Recovery Act has raised the level of GDP as of the first quarter of 2011 by between 2.3 percent and 3.2 percent.