Posted: Sep 10, 2009 1:33 PM by Associated Press
The nation has lost 2.5 million jobs since Feburary, but White House economists say things would have been much worse without the government's economic stimulus efforts. The White House Council on Economic Advisers credits the stimulus with creating or saving more than a million jobs so far.
But in its first report to Congress on the stimulus, the council cautions that its number is uncertain and preliminary. It's based on economic models, and no one can say for sure how many jobs would have been lost without the huge infusion of government spending, tax cuts and state aid.
President Barack Obama has predicted that the $787 billion stimulus, signed in February, will create or save 3.5 million jobs by the end of next year.
The White House report notes that, while jobs losses continue to mount, the rate of those losses has slowed from more than 700,000 per month early this year to 216,000 last month.