Fact Sheet: The U.S.-Brazil Economic Relationship
Office of the Press Secretary
STRENGTHENING ECONOMIC TIES CONTRIBUTE TO JOBS AND GROWTHThe United States and Brazil, the two largest economies and the two largest democracies in the Western Hemisphere, share one of the most important trade and economic relationships in the world. Brazil is our 10th largest trading partner. U.S. goods and services exports to Brazil in 2010 are estimated to be more than $50 billion, which will support more than 250,000 jobs. U.S. goods and services exports to Brazil are growing twice as fast as overall U.S. goods and services exports.
Brazil is an emerging global player and economic powerhouse. With a 2010 GDP of more than $2 trillion, Brazil is the 7th largest economy in the world and accounts for nearly 60 percent of South America’s total GDP. Brazil’s economy grew by 7.5 percent in 2010 and is anticipated to grow by between 4 and 5 percent in 2011.
As the U.S.-Brazil relationship deepens, we seek to base our cooperation on strong and dynamic private sectors, a commitment to open and fair trade, and continued economic and energy integration. Strengthening the economic and commercial relationship between the U.S. and Brazil through stronger partnerships on energy (including clean energy, biofuels, and petroleum sectors), infrastructure and development cooperation in third countries will allow both countries to grow and at the same time strengthen the bonds between the U.S. and Latin America.
A Key Trading Partnership
• Two-way trade between the United States and Brazil has doubled in the past decade to more than $80 billion in 2010, and investment and capital flows in both directions. In the past five years, goods and services exports more than doubled, from $18.7 billion in 2004 to $38.8 billion in 2009.
• With 193 million of the world’s consumers, and per-capita income expected to grow at 6 percent a year, Brazil’s demand for goods imports has more than tripled, from $47.2 billion in 2002 to $181.6 billion in 2010.
• Since 2002, U.S. goods exports to Brazil nearly tripled, growing from $12.4 billion in 2002 to $35.4 billion in 2010. In 2010, U.S. goods exports to Brazil were up 35 percent from 2009. Brazil receives more exports from the U.S. than from any other nation, nearly 15 percent of all goods exported to Brazil.
• These exports were made up of goods from high-tech, value-producing industries. In 2010, the largest U.S. goods export category to Brazil was machinery, valued at $7.2 billion. Other top export categories in 2010 included aircraft and parts ($4.4 billion), electric machinery ($4.3 billion), and organic chemicals ($2.0 billion).
• Exports to Brazil benefit businesses and entrepreneurs across the nation. In every year for the past 10 years, exporters in all 50 states and the District of Columbia have reported exports to Brazil. In 2010, two-thirds of U.S. States (34 total) reported goods export shipments in excess of $100 million.
• U.S. services exports to Brazil have also increased. From 2002 to 2009, U.S. services exports to Brazil more than doubled, increasing from $5.1 billion in 2002 to nearly $12.7 billion in 2009. These services included telecommunications services worth $1.5 billion, and communication and information services totaling $350 million.
• Nearly 1,000,000 Brazilians visited the U.S. in 2009, up from 405,000 in 2002, and spent more than $4.5 billion dollars. By 2015, the Department of Commerce projects that Brazil will be the fifth largest source of visitors to the U.S.
• Leading 15 Exporting States to Brazil (in millions of $USD)
Winning the Future Through Investment
Businesses and workers in the U.S. and Brazil alike are reaping the benefits of a stronger economic relationship through trade and investment. Brazilian companies have opened factories in the U.S., creating American jobs. At the same time, American firms are exporting clean technology that supports green growth and serves millions of Brazilians.
• There was $57 billion in U.S. foreign direct investment in Brazil at the end of 2009.
• Brazilian firms have made substantial investments in the U.S. worth billions of dollars during the past decade. Between 2003 and 2010, 47 projects were announced with a total capital investment of $2.5 billion dollars. Completed, these projects could create 4,806 new jobs, in a cross-section of industries ranging from information technology to steel making.
• U.S. subsidiaries of Brazil-owned firms employed 42,200 people in the United States as of 2008.
U.S.-Brazilian Business Creating Jobs and Economic Growth
Across the United States, small and large businesses are creating jobs through commerce with Brazil. A few recent examples include:
• WindStream (New Albany, IN) closed a $10+ million deal with Wind Force Energia, a Brazilian Clean Tech distributor, for 30,000 wind turbine units. WindStream will begin the delivery of these units at the end of this month and continue for the next three years. The product will be used in Brazil in both on-grid and off-grid solutions for urban and rural applications. This deal will result in 150 new jobs in Indiana.
• Capstone Turbine (Chatsworth, CA), a manufacturer of clean technology micro-turbine energy systems with 200 employees, recently completed work on a $2 million contract with Brazilian Fluxo Servicios de Petroleo for micro-turbine systems. The turbines, manufactured in California, have been shipped to Copasa, Brazil where they produce clean energy from methane bio-gas as a wastewater treatment facility that serves millions of Brazilian residents.
• Rhino Assembly Corporation (Charlotte, NC), a small business with 19 employees, is a supplier and repairer of aerospace and automotive assembly tools. While attending Trade Winds Forum Brazil in Sao Paolo last year, the company developed a relationship with ASA Brazil, a Brazilian tool and equipment distributor, which has resulted in over $615,000 in sales over the past 12 months and the hiring of new employees in North Carolina.
• Sikorsky Aircraft (Stratford, CT) has sold hundreds of helicopters over the past 35 years to Brazilian buyers. The Brazilian Government recently purchased four Sikorsky S-70B SEAHAWK helicopters, valued at $165 million, and approved funding for two additional S-70B aircraft. Petrobras of Brazil purchased eight S-92 heavy-lift helicopters (total value $200 million), and four S-76 medium-lift helicopters ($50 million). Sikorsky will deliver a ninth S-92 heavy-lift helicopter to support Petrobras later this year. These helicopter orders from Brazil help sustain a large, skilled workforce at Sikorsky’s production facilities in Stratford, CT; Troy, AL; and Coatesville, PA.
Partners in the Global Economic Community
The United States has worked continuously to deepen its ties with Brazil, and Brazil’s ties with the global economic community.
• The U.S. has successfully pushed for major emerging economies, such as Brazil, to play a greater role in global economic affairs, and advocated strongly for the G-20 to become the premier forum for global economic and financial cooperation.
• The U.S. moved aggressively to enhance the role of critical emerging market countries such as Brazil in the governance of the IMF and World Bank.
• Brazil has moved from being a foreign aid recipient and IMF borrower to becoming a foreign aid donor, and is now the 10th largest IMF shareholder.
• The United States and Brazil are cooperating on a number of projects ranging from technical assistance to other Latin American countries and Africa in areas such as food security, sustainable biofuels and clean energy development.
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The President Announces Economic Lessons to be Learned from Countries on the Latin America Trip
Get Email UpdatesContact Us Go to homepage. The White House Blog Photos & Videos Photo Galleries Video Live Streams Podcasts Briefing Room Your Weekly Address Speeches & Remarks Press Briefings Statements & Releases White House Schedule Presidential Actions Executive Orders Presidential Memoranda Proclamations Legislation Pending Legislation Signed Legislation Vetoed Legislation Nominations & Appointments Disclosures Visitor Access Records Financial Disclosures 2010 Annual Report to Congress on White House Staff 2009 Annual Report to Congress on White House Staff Ethics Pledge Waivers Issues Civil Rights It Gets Better Defense The Way Forward in Afghanistan Disabilities Economy Financial Reform Innovation Startup America Education Educate to Innovate Higher Education Race to the Top Commencement Challenge Energy & Environment A New Foundation Deepwater BP Oil Spill Ethics Family Fiscal Responsibility Foreign Policy Japan Earthquake and Tsunami Trip to Asia 2010 Haiti Earthquake Speech in Cairo Health Care Homeland Security Immigration Poverty Rural State Fair Tour Seniors & Social Security Service Taxes Tax Cuts, Unemployment Insurance and Jobs Technology Urban Policy Veterans Women Additional Issues The Administration President Barack Obama Vice President Joe Biden First Lady Michelle Obama Dr. Jill Biden The Cabinet 2010 Video Reports White House Staff Chief of Staff Bill Daley Deputy Chief of Staff Nancy-Ann DeParle Deputy Chief of Staff Alyssa Mastromonaco Counselor to the President Peter Rouse Senior Advisor Valerie Jarrett Executive Office of the President Other Advisory Boards About the White House Interactive Tour History White House Rooms White House Art Presidents First Ladies The Oval Office The Vice President's Residence & Office Eisenhower Executive Office Building Camp David Air Force One White House Fellows President’s Commission About the Fellowship Current Class Recent Class Staff Bios White House Internships The Story About Us Program Apply Here Submit a Recommendation Tours & Events 2011 Easter Egg Roll Kitchen Garden Tours Holidays 2010 Inside the White House Our Government The Executive Branch The Legislative Branch The Judicial Branch The Constitution Federal Agencies & Commissions Elections & Voting State & Local Government Resources /* Maximize height of menu features. */if(typeof(jQuery)!='undefined')jQuery.each($('.topnav-feature','#topnav'),function(i,v){var o=$(v),oh=o.height(),sh=o.siblings().height();if(oh Home • Briefing Room • Statements & Releases table.system-status-report th, table td, table th { padding: 5px;}.item-list ul.pager {margin: 0;}.view-display-id-page_1 {padding: 20px;}.node-form .text {width:95%;}.node-form, #node-delete-confirm, #user-login {max-width:648px;}dl.node-type-list {max-width: 615px; padding: 20px; margin: 20px;}#edit-delete, div.submenu.revisions {display: none;}ul.secondary li {display: block;}ul.secondary a.active {border-bottom: 1px solid #999;} The White House Office of the Press Secretary
For Immediate Release March 19, 2011 The President Announces Economic Lessons to be Learned from Countries on the Latin America TripWASHINGTON – In his weekly address, President Obama discussed his trip to Latin America and the importance of strengthening our economic partnership with the region to create good jobs at home. He expressed a need to open more global markets and increase exports as a way of expanding the U.S. economy.
The audio and video of the address will be available online at www.whitehouse.gov at 6:00 a.m. ET, Saturday, March 19, 2011.
Weekly Address on Latin America
Saturday, March 19, 2011
Washington, DC
In recent days, we’ve seen turmoil and tragedy around the world, from change in the Middle East and North Africa to the earthquake and tsunami in Japan. As I said on Friday, we will work with our partners in the region to protect innocent civilians in Libya and hold the Gaddafi regime accountable. And we will continue to stand with the people of Japan in their greatest hour of need.
As we respond to these immediate crises abroad, we also will not let up in our efforts to tackle the pressing, ongoing challenges facing our country, including accelerating economic growth. That’s why, over the weekend, I’ll be in Latin America. One of the main reasons for my trip is to strengthen economic partnerships abroad so that we create good jobs at home.
Latin America is a part of the world where the economy is growing very quickly. And as these markets grow, so does their demand for goods and services. The question is, Where are those goods and services going to come from? As President, I want to make sure these products are made in America. I want to open more markets around the world so that American companies can do more business and hire more of our people.
Here’s a statistic to explain why this is important. Every $1 billion of goods and services we export supports more than 5,000 jobs in the United States. So, the more we sell overseas, the more jobs we create on our shores. That’s why, last year, I set a goal for this country: to double our exports by 2014. And it’s a goal we’re on track to meet.
Part of the reason why is the rapid growth of Latin America, and their openness to American business. We now export more than three times as much to Latin America as we do to China, and our exports to the region will soon support more than two million jobs here in the United States. Brazil, the first stop on our trip, is a great example.
In 2010, America’s exports to Brazil supported more than 250,000 American jobs. These are jobs at places like Capstone Turbine in California, which recently sold $2 million worth of high-tech energy equipment to Brazil. Another company is Rhino Assembly, a small business in Charlotte, North Carolina that sells and repairs tools for building cars and planes. A deal with a distributor in Brazil has resulted in new sales and new employees at that firm. And we can point to large companies like Sikorsky, whose helicopter sales to Brazil help sustain a large, skilled workforce in Connecticut, Alabama, and Pennsylvania.
Today, Brazil imports more goods from the United States than from any other nation. And I’ll be meeting with business leaders from both countries to talk about how we can create even more jobs by deepening these economic ties. After Brazil, I’ll also visit Chile, a country with a growing economy, and increasing demand for American goods. In fact, since 2004, our exports there are up 300 percent, and now support about 70,000 jobs in the United States. Finally, we’ll head to El Salvador, a nation with so much promise for growth with the potential to benefit both of our nations.
We’ve always had a special bond with our neighbors to the south. It’s a bond born of shared history and values, and strengthened by the millions of Americans who proudly trace their roots to Latin America. But what is clear is that in an increasingly global economy, our partnership with these nations is only going to become more vital. For it’s a source of growth and prosperity – and not just for the people of Latin America, but for the American people as well.
Thank you.
March 19, 2011 5:30 AMWeekly Address: American Jobs Through Exports to Latin America Blog posts on this issue March 19, 2011 6:00 AM EDTWeekly Address: American Jobs Through Exports to Latin AmericaAs the President maintains his focus on international crises in Japan and Libya, he discusses his trip to Latin America to open up markets for US products.
March 18, 2011 6:30 PM EDTWeekly Wrap Up: Standing With the People of JapanYour quick look at the week of March 14, 2011 on WhiteHouse.gov
March 18, 2011 2:42 PM EDTCBO and the 2012 BudgetToday, the Congressional Budget Office (CBO) released its preliminary analysis of the President’s FY 2012 budget. Their analysis leads them to a different projection of the deficit picture, and it’s worth understanding our analytical differences.
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CEA Releases Sixth Quarterly Report on the Economic Impact of the Recovery Act
Get Email UpdatesContact Us Go to homepage. The White House Blog Photos & Videos Photo Galleries Video Live Streams Podcasts Briefing Room Your Weekly Address Speeches & Remarks Press Briefings Statements & Releases White House Schedule Presidential Actions Executive Orders Presidential Memoranda Proclamations Legislation Pending Legislation Signed Legislation Vetoed Legislation Nominations & Appointments Disclosures Visitor Access Records Financial Disclosures 2010 Annual Report to Congress on White House Staff 2009 Annual Report to Congress on White House Staff Ethics Pledge Waivers Issues Civil Rights It Gets Better Defense The Way Forward in Afghanistan Disabilities Economy Financial Reform Innovation Startup America Education Educate to Innovate Higher Education Race to the Top Commencement Challenge Energy & Environment A New Foundation Deepwater BP Oil Spill Ethics Family Fiscal Responsibility Foreign Policy Japan Earthquake and Tsunami Trip to Asia 2010 Haiti Earthquake Speech in Cairo Health Care Homeland Security Immigration Poverty Rural State Fair Tour Seniors & Social Security Service Taxes Tax Cuts, Unemployment Insurance and Jobs Technology Urban Policy Veterans Women Additional Issues The Administration President Barack Obama Vice President Joe Biden First Lady Michelle Obama Dr. Jill Biden The Cabinet 2010 Video Reports White House Staff Chief of Staff Bill Daley Deputy Chief of Staff Nancy-Ann DeParle Deputy Chief of Staff Alyssa Mastromonaco Counselor to the President Peter Rouse Senior Advisor Valerie Jarrett Executive Office of the President Other Advisory Boards About the White House Interactive Tour History White House Rooms White House Art Presidents First Ladies The Oval Office The Vice President's Residence & Office Eisenhower Executive Office Building Camp David Air Force One White House Fellows President’s Commission About the Fellowship Current Class Recent Class Staff Bios White House Internships The Story About Us Program Apply Here Submit a Recommendation Tours & Events 2011 Easter Egg Roll Kitchen Garden Tours Holidays 2010 Inside the White House Our Government The Executive Branch The Legislative Branch The Judicial Branch The Constitution Federal Agencies & Commissions Elections & Voting State & Local Government Resources /* Maximize height of menu features. */if(typeof(jQuery)!='undefined')jQuery.each($('.topnav-feature','#topnav'),function(i,v){var o=$(v),oh=o.height(),sh=o.siblings().height();if(oh Home • Briefing Room • Statements & Releases table.system-status-report th, table td, table th { padding: 5px;}.item-list ul.pager {margin: 0;}.view-display-id-page_1 {padding: 20px;}.node-form .text {width:95%;}.node-form, #node-delete-confirm, #user-login {max-width:648px;}dl.node-type-list {max-width: 615px; padding: 20px; margin: 20px;}#edit-delete, div.submenu.revisions {display: none;}ul.secondary li {display: block;}ul.secondary a.active {border-bottom: 1px solid #999;} The White House Office of the Press Secretary
For Immediate Release March 18, 2011 CEA Releases Sixth Quarterly Report on the Economic Impact of the Recovery ActWASHINGTON, DC – The Council of Economic Advisers today released its latest quarterly report on the economic impact of the American Recovery and Reinvestment Act. The report shows that the Recovery Act continues to play a key role in supporting the economy. Specifically, the Recovery Act added as much as 3.2 percent to the level of fourth quarter GDP and raised employment by as many as 3.6 million jobs.
Overall, the Recovery Act has played a significant role in the turnaround of the economy, which has grown for six straight quarters and has added 1.5 million private sector jobs over the past 12 months.
This is the sixth quarterly report the Council of Economic Advisers has submitted to Congress on the employment and economic impact of the Recovery Act. The report can be viewed in full HERE.
Key FindingsAs of the fourth quarter of 2010, the Recovery Act raised employment by 2.5 to 3.6 million jobs.GDP began to grow steadily in the third quarter of 2009, and has now grown for six consecutive quarters, including continued growth in the fourth quarter of 2010.The Recovery Act has raised the level of GDP as of the fourth quarter of 2010 by between 2.3 percent and 3.2 percent.Public investment spending on items such as infrastructure and clean energy under the Recovery Act now totals $142 billion. Blog posts on this issue March 19, 2011 6:00 AM EDTWeekly Address: American Jobs Through Exports to Latin AmericaAs the President maintains his focus on international crises in Japan and Libya, he discusses his trip to Latin America to open up markets for US products.
March 18, 2011 7:06 PM EDTInstitute of Medicine Releases Report on Health Care System Capacity for Increased HIV Testing and Provision of CareToday, the Institute of Medicine (IOM) released its third and final report in a project commissioned by the Office of National AIDS Policy (ONAP).
March 18, 2011 6:30 PM EDTWeekly Wrap Up: Standing With the People of JapanYour quick look at the week of March 14, 2011 on WhiteHouse.gov
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CEA Releases Sixth Quarterly Report on the Economic Impact of the Recovery Act
Get Email UpdatesContact Us Go to homepage. The White House Blog Photos & Videos Photo Galleries Video Live Streams Podcasts Briefing Room Your Weekly Address Speeches & Remarks Press Briefings Statements & Releases White House Schedule Presidential Actions Executive Orders Presidential Memoranda Proclamations Legislation Pending Legislation Signed Legislation Vetoed Legislation Nominations & Appointments Disclosures Visitor Access Records Financial Disclosures 2010 Annual Report to Congress on White House Staff 2009 Annual Report to Congress on White House Staff Ethics Pledge Waivers Issues Civil Rights It Gets Better Defense The Way Forward in Afghanistan Disabilities Economy Financial Reform Innovation Startup America Education Educate to Innovate Higher Education Race to the Top Commencement Challenge Energy & Environment A New Foundation Deepwater BP Oil Spill Ethics Family Fiscal Responsibility Foreign Policy Japan Earthquake and Tsunami Trip to Asia 2010 Haiti Earthquake Speech in Cairo Health Care Homeland Security Immigration Poverty Rural State Fair Tour Seniors & Social Security Service Taxes Tax Cuts, Unemployment Insurance and Jobs Technology Urban Policy Veterans Women Additional Issues The Administration President Barack Obama Vice President Joe Biden First Lady Michelle Obama Dr. Jill Biden The Cabinet 2010 Video Reports White House Staff Chief of Staff Bill Daley Deputy Chief of Staff Nancy-Ann DeParle Deputy Chief of Staff Alyssa Mastromonaco Counselor to the President Peter Rouse Senior Advisor Valerie Jarrett Executive Office of the President Other Advisory Boards About the White House Interactive Tour History White House Rooms White House Art Presidents First Ladies The Oval Office The Vice President's Residence & Office Eisenhower Executive Office Building Camp David Air Force One White House Fellows President’s Commission About the Fellowship Current Class Recent Class Staff Bios White House Internships The Story About Us Program Apply Here Submit a Recommendation Tours & Events 2011 Easter Egg Roll Kitchen Garden Tours Holidays 2010 Inside the White House Our Government The Executive Branch The Legislative Branch The Judicial Branch The Constitution Federal Agencies & Commissions Elections & Voting State & Local Government Resources /* Maximize height of menu features. */if(typeof(jQuery)!='undefined')jQuery.each($('.topnav-feature','#topnav'),function(i,v){var o=$(v),oh=o.height(),sh=o.siblings().height();if(oh Home • Briefing Room • Statements & Releases table.system-status-report th, table td, table th { padding: 5px;}.item-list ul.pager {margin: 0;}.view-display-id-page_1 {padding: 20px;}.node-form .text {width:95%;}.node-form, #node-delete-confirm, #user-login {max-width:648px;}dl.node-type-list {max-width: 615px; padding: 20px; margin: 20px;}#edit-delete, div.submenu.revisions {display: none;}ul.secondary li {display: block;}ul.secondary a.active {border-bottom: 1px solid #999;} The White House Office of the Press Secretary
For Immediate Release March 18, 2011 CEA Releases Sixth Quarterly Report on the Economic Impact of the Recovery ActWASHINGTON, DC – The Council of Economic Advisers today released its latest quarterly report on the economic impact of the American Recovery and Reinvestment Act. The report shows that the Recovery Act continues to play a key role in supporting the economy. Specifically, the Recovery Act added as much as 3.2 percent to the level of fourth quarter GDP and raised employment by as many as 3.6 million jobs.
Overall, the Recovery Act has played a significant role in the turnaround of the economy, which has grown for six straight quarters and has added 1.5 million private sector jobs over the past 12 months.
This is the sixth quarterly report the Council of Economic Advisers has submitted to Congress on the employment and economic impact of the Recovery Act. The report can be viewed in full HERE.
Key FindingsAs of the fourth quarter of 2010, the Recovery Act raised employment by 2.5 to 3.6 million jobs.GDP began to grow steadily in the third quarter of 2009, and has now grown for six consecutive quarters, including continued growth in the fourth quarter of 2010.The Recovery Act has raised the level of GDP as of the fourth quarter of 2010 by between 2.3 percent and 3.2 percent.Public investment spending on items such as infrastructure and clean energy under the Recovery Act now totals $142 billion. Blog posts on this issue March 19, 2011 6:00 AM EDTWeekly Address: American Jobs Through Exports to Latin AmericaAs the President maintains his focus on international crises in Japan and Libya, he discusses his trip to Latin America to open up markets for US products.
March 18, 2011 7:06 PM EDTInstitute of Medicine Releases Report on Health Care System Capacity for Increased HIV Testing and Provision of CareToday, the Institute of Medicine (IOM) released its third and final report in a project commissioned by the Office of National AIDS Policy (ONAP).
March 18, 2011 6:30 PM EDTWeekly Wrap Up: Standing With the People of JapanYour quick look at the week of March 14, 2011 on WhiteHouse.gov
view all related blog posts ul.related-content li.views-row img {float: left; padding: 5px 10px 0 0;} Stay ConnectedFacebookTwitterFlickrMySpaceYouTubeVimeoiTunesLinkedIn Home The White House Blog Photos & Videos Photo Galleries Video Live Streams Podcasts Briefing Room Your Weekly Address Speeches & Remarks Press Briefings Statements & Releases White House Schedule Presidential Actions Legislation Nominations & Appointments Disclosures Issues Civil Rights Defense Disabilities Economy Education Energy & Environment Ethics Family Fiscal Responsibility Foreign Policy Health Care Homeland Security Immigration Poverty Rural Seniors & Social Security Service Taxes Technology Urban Policy Veterans Women Additional Issues The Administration President Barack Obama Vice President Joe Biden First Lady Michelle Obama Dr. Jill Biden The Cabinet White House Staff Executive Office of the President Other Advisory Boards About the White House Interactive Tour History Presidents First Ladies The Oval Office The Vice President's Residence & Office Eisenhower Executive Office Building Camp David Air Force One White House Fellows White House Internships Tours & Events Inside the White House Our Government The Executive Branch The Legislative Branch The Judicial Branch The Constitution Federal Agencies & Commissions Elections & Voting State & Local Government Resources
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CEA Releases Sixth Quarterly Report on the Economic Impact of the Recovery Act
Get Email UpdatesContact Us Go to homepage. The White House Blog Photos & Videos Photo Galleries Video Live Streams Podcasts Briefing Room Your Weekly Address Speeches & Remarks Press Briefings Statements & Releases White House Schedule Presidential Actions Executive Orders Presidential Memoranda Proclamations Legislation Pending Legislation Signed Legislation Vetoed Legislation Nominations & Appointments Disclosures Visitor Access Records Financial Disclosures 2010 Annual Report to Congress on White House Staff 2009 Annual Report to Congress on White House Staff Ethics Pledge Waivers Issues Civil Rights It Gets Better Defense The Way Forward in Afghanistan Disabilities Economy Financial Reform Innovation Startup America Education Educate to Innovate Higher Education Race to the Top Commencement Challenge Energy & Environment A New Foundation Deepwater BP Oil Spill Ethics Family Fiscal Responsibility Foreign Policy Japan Earthquake and Tsunami Trip to Asia 2010 Haiti Earthquake Speech in Cairo Health Care Homeland Security Immigration Poverty Rural State Fair Tour Seniors & Social Security Service Taxes Tax Cuts, Unemployment Insurance and Jobs Technology Urban Policy Veterans Women Additional Issues The Administration President Barack Obama Vice President Joe Biden First Lady Michelle Obama Dr. Jill Biden The Cabinet 2010 Video Reports White House Staff Chief of Staff Bill Daley Deputy Chief of Staff Nancy-Ann DeParle Deputy Chief of Staff Alyssa Mastromonaco Counselor to the President Peter Rouse Senior Advisor Valerie Jarrett Executive Office of the President Other Advisory Boards About the White House Interactive Tour History White House Rooms White House Art Presidents First Ladies The Oval Office The Vice President's Residence & Office Eisenhower Executive Office Building Camp David Air Force One White House Fellows President’s Commission About the Fellowship Current Class Recent Class Staff Bios White House Internships The Story About Us Program Apply Here Submit a Recommendation Tours & Events 2011 Easter Egg Roll Kitchen Garden Tours Holidays 2010 Inside the White House Our Government The Executive Branch The Legislative Branch The Judicial Branch The Constitution Federal Agencies & Commissions Elections & Voting State & Local Government Resources /* Maximize height of menu features. */if(typeof(jQuery)!='undefined')jQuery.each($('.topnav-feature','#topnav'),function(i,v){var o=$(v),oh=o.height(),sh=o.siblings().height();if(oh Home • Briefing Room • Statements & Releases table.system-status-report th, table td, table th { padding: 5px;}.item-list ul.pager {margin: 0;}.view-display-id-page_1 {padding: 20px;}.node-form .text {width:95%;}.node-form, #node-delete-confirm, #user-login {max-width:648px;}dl.node-type-list {max-width: 615px; padding: 20px; margin: 20px;}#edit-delete, div.submenu.revisions {display: none;}ul.secondary li {display: block;}ul.secondary a.active {border-bottom: 1px solid #999;} The White House Office of the Press Secretary
For Immediate Release March 18, 2011 CEA Releases Sixth Quarterly Report on the Economic Impact of the Recovery ActWASHINGTON, DC – The Council of Economic Advisers today released its latest quarterly report on the economic impact of the American Recovery and Reinvestment Act. The report shows that the Recovery Act continues to play a key role in supporting the economy. Specifically, the Recovery Act added as much as 3.2 percent to the level of fourth quarter GDP and raised employment by as many as 3.6 million jobs.
Overall, the Recovery Act has played a significant role in the turnaround of the economy, which has grown for six straight quarters and has added 1.5 million private sector jobs over the past 12 months.
This is the sixth quarterly report the Council of Economic Advisers has submitted to Congress on the employment and economic impact of the Recovery Act. The report can be viewed in full HERE.
Key FindingsAs of the fourth quarter of 2010, the Recovery Act raised employment by 2.5 to 3.6 million jobs.GDP began to grow steadily in the third quarter of 2009, and has now grown for six consecutive quarters, including continued growth in the fourth quarter of 2010.The Recovery Act has raised the level of GDP as of the fourth quarter of 2010 by between 2.3 percent and 3.2 percent.Public investment spending on items such as infrastructure and clean energy under the Recovery Act now totals $142 billion. Blog posts on this issue March 18, 2011 7:06 PM EDTInstitute of Medicine Releases Report on Health Care System Capacity for Increased HIV Testing and Provision of CareToday, the Institute of Medicine (IOM) released its third and final report in a project commissioned by the Office of National AIDS Policy (ONAP).
March 18, 2011 6:30 PM EDTWeekly Wrap Up: Standing With the People of JapanYour quick look at the week of March 14, 2011 on WhiteHouse.gov
March 18, 2011 6:05 PM EDTPresident Obama to Participate in Televised Town Hall on EducationSubmit questions for President Obama at Univision's town hall on education and Hispanic educational attainment by Sunday, March 27.
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