ECONOMY WEEKLY: WEEK OF SEPTEMBER 21, 2009

For Immediate Release:

September 25, 2009

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

“[T]he Recovery Act is working to jump-start critical infrastructure projects, cushion the impact of record state budget deficits and provide new job opportunities for hard-hit communities…The fact that a survey of nine major Recovery Act programs across sixteen states by the government’s top watchdog, showed such significant progress is a testament to the care with which we have put taxpayer dollars to work.”
– Vice President Joe Biden, Statement on the GAO Report on the Recovery Act, 9/23/09
 
Economy Highlights:

• A survey released today showed that “U.S. consumer sentiment rose in late September to the highest [level] since January 2008 as expectations of an economic rebound gathered momentum.” [Reuters/University of Michigan Surveys of Consumers, 9/25/09]

• On Thursday, Christina Romer, Chair of the Council of Economic Advisers delivered a speech on the state of the economy, crediting “the Federal Reserve and the U.S. government for taking actions that…prevented the economy from going ‘over the edge as it did in the 1930s.’” Click here to read a story from the Wall Street Journal on Romer’s speech.

• The Department of Labor reported that last week, the number of Americans filing first time unemployment claims dropped 21,000 from the previous week to the lowest level in two months. [Associated Press, 9/24/09]

 
Recovery Highlights:

• A New York Times/CBS News poll released today reported that “more Americans are starting to credit [the] stimulus package with having helped to revive the economy.” According to the poll, “Americans think the economy is on the mend, and there has been a 15-point increase ... in the percentage of Americans who said Mr. Obama’s stimulus package has improved the economy.” [New York Times, 9/25/09]

• This week, the Government Accountability Office (GAO) released a report on the status of the American Recovery and Reinvestment Act, indicating that the Recovery Act is working ahead of schedule and project bids are coming in under budget – with taxpayers benefiting from the savings. Click here to read the report.

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