ECONOMY WEEKLY: WEEK OF OCTOBER 12, 2009

For Immediate Release:

October 16, 2009

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

 
"All signs -- from private estimates to this fragmentary data -- point to the
conclusion that the Recovery Act did indeed create or save about
1 million jobs in its first seven months, a much needed lift in a
very difficult period for our economy."

– Jared Bernstein, Chief Economist, Office of the Vice President, 10/15/09
 
Economy Highlights:


• On Wednesday, the Dow Jones Industrial Average reached 10,000 for the first time since October 2008, when markets crumbled following the collapse of Lehman Brothers. While Main Street recovery is our first focus, this news is one of the positive indications that our economy is starting to recover: “The Dow Jones Industrial Average surged to 10015.86, passing the symbolic 10000 level much faster than expected and racking up a 53% gain in just seven months.” [Wall Street Journal, 10/16/09]

 


Recovery Highlights:


• The Recovery Accountability and Transparency Board released its first report on a portion of Recovery Act spending that recipients have reported on so far, which shows that the Act is helping get Americans back to work. According to the report, “businesses that received federal contracts from stimulus spending reported creating or saving about 30,000 jobs.” The Board will release a more extensive report on Recovery Act spending on October 30th. [Washington Post, 10/16/09]


• President Obama delivered a speech at the Fairfax County Parkway Extension project in Fairfax, VA – the site of one of 8,000 road and bridge projects approved under the Recovery Act – on the progress and goals of the Recovery Act: “[O]ur goal is not just to rebound from this recession, but to start building an economy that works for all Americans; where everyone who's looking for work can find a job -- and not just a temporary job, but a permanent job that lasts from season to season; where our stock market isn't only rising again but our businesses are hiring again.  That's our goal.” [White House, 10/14/09]
 
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