Statement by Chief Economist Jared Bernstein on New Federal Contract Data on Recovery.gov

"It is too soon to draw any global conclusions from this partial and preliminary data, as it reports on just $16 billion of the $339 billion in Recovery Act efforts before September 30th, but the early indications are quite positive. The direct count by Recovery Act recipients of jobs created or saved from this small percentage of the Recovery Act exceeds our projections. All signs -- from private estimates to this fragmentary data -- point to the conclusion that the Recovery Act did indeed create or save about 1 million jobs in its first seven months, a much needed lift in a very difficult period for our economy. We look forward to the much larger, comprehensive report due on October 30th."