The $789 billion economic stimulus package that President Barack Obama will sign into law Tuesday will create or save 105,000 jobs in North Carolina over the next two years.
That's according to the White House, which released state-by-state numbers on the estimated impact of the American Recovery and Reinvestment Act, a nationwide effort to create jobs and stimulate growth.
The White House also provided estimates of the number of jobs that would be gained in each Congressional District. The three districts the cover most of the Triangle area – districts 2, 4 and 13 – are projected to gain a total of 26,200 jobs.
The stimulus package – which will become law at a signing ceremony in Denver, Colo., – will create or save 3.5 million jobs nationwide over the next two years, with more than 90 percent in the private sector, according to the Council of Economic Advisers.
Christina Romer, chair of the Council of Economic Advisers, and Jared Bernstein, chief economist for the vice president, analyzed the overall job impact of the act. The numbers also were derived from estimates of the working age population, employment, and industrial composition of each state.
The U.S. lost 598,000 jobs last month, according to the Bureau of Labor Statistics, and the unemployment rate jumped to 7.6 percent. About 3.6 million jobs have disappeared since the recession began in December 2007 — half of those in the past three months, according to BLS.
North Carolina's unemployment rate was 8.7 percent in December, according to the Employment Security Commission of North Carolina, which will unveil the state's January unemployment number on March 11.
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