ECONOMY WEEKLY: WEEK OF FEBRUARY 8, 2010

For Immediate Release:

February 12, 2010

Contact:Katie Grant
Stephanie Lundberg
(202) 225 - 3130



“[The Recovery] Act is the great unsung hero of the past year.  It has provided a tax cut to 95 percent of America’s working families and thousands of small businesses.  It has meant the difference between hanging on and destitution for millions of unemployed workers who had exhausted their conventional unemployment insurance benefits.  It has kept hundreds of thousands of teachers, police, and firefighters employed by helping to fill the yawning hole in state and local budgets.  And, it has made crucial long-run investments in our country’s infrastructure and jump-started the transition to the clean energy economy.  All told, the Recovery Act has saved or created some 1½ to 2 million jobs so far, and is on track to have raised employment relative to what it otherwise would have been by 3.5 million by the end of this year.”

– Chair of the Council of Economic Advisors Christina Romer, 2/11/10

 


Economy Highlights:


•  The U.S. Census Bureau released their Manufacturing and Trade Inventories and Sales report, indicating that the “combined value of trade sales and manufacturers’ shipments for December … was estimated at $1,040.4 billion, up 0.9% from November 2009 and up 4.7% from December 2008,” another example of how the U.S. economy continues to see signs of recovery. [U.S. Census Bureau, 2/11/10]
 
•  The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced in a report this week that in December 2009, the “exports of [U.S.] goods rose to 99.1 billion dollars, an increase of 4.6 billion dollars from November.” In addition, “over the second half of 2009, U.S. goods export volumes rose 15.5 percent,” a sign of a continuing rebound in world trade. [U.S. Census Bureau and Bureau of Economic Analysis, 2/10/2010; AFP, 2/10/2010]

 


Recovery Highlights:


•  This week, the White House Council of Economic Advisors released the Economic Report of the President for 2010, providing “a detailed economic history of the first year of the Obama Administration.  It examines the economic challenges that we face as a Nation, the many policy actions that have already been taken to address these challenges, and the President’s proposals for further action.” The report indicated that the “United States is likely to average 95,000 more jobs each month this year” in addition to about 2 million jobs already saved or created since passage of the Recovery Act.  [White House, 2/11/10; Associated Press, 2/11/10]
 
•  Health and Human Services Secretary Kathleen Sebelius and Labor Secretary Hilda Solis announced nearly $1 billion in Recovery Act awards to help health care providers advance the use of health information technology (health IT) and train workers in this advancing technology.  “The awards will help make health IT available to over 100,000 hospitals and primary care physicians by 2014 and train thousands of people for careers in health care and information technology,” growing the emerging health IT industry and supporting the creation of tens of thousands of jobs in the health care field. [Department of Health and Human Services, 2/12/2010]
 
 
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