By Vicki Needham - 07/14/10 06:22 PM EDT
The report reflects an increase from 2.2 million to 2.8 million in the last quarterly report from the White House Council of Economic Advisers.
The injection of cash into the economy also raised the level of gross domestic product between 2.7 and 3.2 percent in the second quarter of the year, according to the Council of Economic Advisers.
Spending on infrastructure, clean energy, and communications technology increased by about 50 percent between the first and second quarters of 2010.
Economist Josh Bivens, with the Economic Policy Institute, said Wednesday that the economy would be worse off without the stimulus bill.
"While the economy today would be worse off if the recovery act had not been passed, unemployment still sits at 9.5 percent today and will surely rise above 10 percent over the coming year, returning to pre-recession levels only several years from now unless more fiscal support is provided," Bivens told the House Budget Committee today.
Other issues in the report:
• CEA estimates that the $86.3 billion of outlays has already created or saved more than 800,000 jobs as of the second quarter of 2010, an increase of 30 percent over the first quarter.
• A subset of these public investments, $95 billion, is leveraging external funds from private companies and other entities. For each of these dollars invested, $4 of economic activity is supported – meaning $286 billion of external investments are partnering with Recovery Act funds to support $382 billion into total project activity.
• By sector, the largest amount of total activity supported is in clean energy, where a federal contribution of $46 billion will partner with $107 billion to support more than $150 billion in total investments in energy efficiency, renewable generation, research and other areas.
• One area is the Department of Energy’s smart grid program. The recovery act provided $4.5 billion while the private sector invested an additional $6 billion in smart grid projects, bringing the total investment to more than $10 billion.
To see the full report, click here.