Happy New Year!!!
Here is a quick alert to a new study on the stimulus' job impacts.
The study shows that the contracts, loans, and grants in the American Recovery and Reinvestment Act of 2009 (ARRA) have reduced or reversed job losses in key states. During October and November 2009, employment levels were higher than expected in 33 states.
Overall, the stimulus money is landing in states with the weakest labor markets. Unfortunately, the stimulus in 16 high-unemployment states -- such as Michigan, Florida, Rhode Island, Oregon, and North Carolina -- may still be in the pipeline or too small."
Even with the national loss of 84,000 jobs during December (November was revised for an increase of 4,000), since October the stimulus has added an additional 2.0 million jobs. Almost 1.8m were in the private sector.
Here are the major industry breakouts: Construction (+190,000), Durable Manufacturing (+408,000), Professional Business Services (+794,000), Trade (+62,000), Transportation (+79,000), Utilities (+6,000) Information (+75,000), Financial Activities (+164,000), Education and Health Services (+47,000), Leisure and Hospitality (-131,000) and Other Services (-42,000). These patterns are consistent with the type of projects that have been funded.
Want to read more? Go to www.heldrich.rutgers.edu for the full report and state estimates.