According to the Congressional Budget Office, the stimulus package of President Barack Obama saved or created almost 3.3 million jobs in the last quarter and it also lowered the unemployment rate by almost 1.8 percent.

The American Recovery and Reinvestment Act (ARRA) is a program worth $814 billion that is used to add almost 1.7 percent and 4.5 percent to the gross domestic product (GDP) for three months starting on June. According to the nonpartisan agency, the program greatly affected the GDP from June to August.

According to the nonpartisan agency, the effects of the ARRA will surely fade in the second half of 2010 onwards. The ARRA has really affected the employment and unemployment rate in the country but it is expected to diminish behind the effects on the output. The program is expected to fade in 2011 beyond.

Different companies across the U.S. added a lot of workers in July to a rate that implies the economy will be very slow in recovering almost 8.4 million jobs that are lost when the recession began in December 2007. The recession kept the consumer spending from increasing because people restrained their selves in buying stuffs because of unemployment.

According to Ben S. Bernanke, Federal Reserve chairman, economic growth slowed in the last quarter and he described the outlook as unusually uncertain. According to the commerce department, the update on the U.S. GDP on August 27, 2010 may show results that the economy has improved 1.4 percent on the second quarter, which is considered as the weakest quarter of the recovery that has began in the middle of last year. It is lower compared to the 2.4 percent rate that is calculated a month ago.

The projected cost of the stimulus is $787 billion and it reached $862 billion in January and it has lowered to $814 billion this month.