CBO Releases Latest Quarterly Report on ARRA’s Effect on Output and Employment

November 20, 2012

As required by law, CBO prepares regular reports on its estimate of the number of jobs created by the American Recovery and Reinvestment Act of 2009 (ARRA), which was enacted in response to significant weakness in the economy. In its latest report, Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from July 2012 Through September 2012, CBO provides estimates of ARRA’s impact on employment and economic output in the third quarter of calendar year 2012, as well as over the entire period since February 2009.

CBO’s current estimates of the economic effects of ARRA for 2009 through 2013 are identical to those the agency published in August 2012. Although estimates of the quarterly budgetary effects of ARRA have changed slightly, the differences are not significant enough to change CBO’s estimates of the effects of ARRA on real GDP, unemployment, and employment.

This report was prepared by Felix Reichling of CBO’s Macroeconomic Analysis Division.