October 30th, 2009
11:41 AM ET

Stimulus creates 650,000 jobs

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/images/10/30/graph.newjobs.jpg width=292 height=320]

Tami Luhby
CNNMoney.com senior writer

The largest stimulus program in the nation's history has created or saved about 650,000 jobs, Obama administration officials said Friday.

Based on approximately $150 billion in spending from the $787 billion recovery package, the tally is the first broad, concrete look at the stimulus program's impact on the economy. The numbers are drawn from tens of thousands of reports from state and local recipients and include as many as 30,000 jobs from private companies.

The White House continued to maintain that the actual number of jobs created so far is closer to 1 million. The reports did not reflect measures such as tax cuts, boosted unemployment benefits or jobs created indirectly by stimulus spending. A total of $339 billion has been drawn down so far under the American Recovery and Reinvestment Act.

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Filed under: Economy
soundoff (3 Responses)
  1. Isabel Siaba, Brazil

    The reality I see is another, this month many Americans (that working in the US and at the same company that I), they were dismissed and the husband of a friend as well.

    I really hope that these numbers are real and that the market can absorb the people who are (still) losing their jobs.

    October 30, 2009 at 3:03 pm |
  2. alex lyrics

    If you let the Republicans tell this story, they will say that the PEA Partyist created these jobs, and that the piss party also are responsible for the economies growth.

    October 30, 2009 at 2:17 pm |
  3. Lampe

    If this is the case, why then does the unemployment rate continue to rise, or stay the same? Something in this report, just does not make sense!

    October 30, 2009 at 1:38 pm |