The White House Council of Economic Advisers said in a report on Thursday that the $787 billion stimulus package enacted earlier this year had created as many as 1.1 million jobs by the third quarter.

The council said one of its estimates of the package's impact showed it added roughly 2.3 percentage points to real GDP growth in the second quarter and would likely add more to growth in the third.

The report also said estimates of the package's impact should be regarded as preliminary and subject to uncertainty.

The package is known as the American Recovery and Reinvestment Act (ARRA).

Following implementation of the ARRA, the trajectory of the economy changed materially toward moderating output decline and job loss, the report said.

The ARRA has played a key role in this change of trajectory.

The report said by the end of August $151.4 billion from the package had been outlaid or has gone to American taxpayers and businesses in the form of tax reductions.

Jobs