Stimulus directly saved or created roughly 650,000 jobs

ABC News reports: The Obama administration's $787 billion stimulus bill directly saved or created about 650,000 jobs as of the end of last month, administration officials announced this morning.

The numbers come from Congressionally-mandated reports submitted earlier this month by tens of thousands of state and local governments, private companies, colleges, universities, and community organizations nationwide, administration officials said, with the majority of the funds coming from state governments.

Factoring jobs indirectly created from the stimulus -- not reflected in these numbers -- an administration official says in a statement that "because these reports show that less than half of the spending through that date created or saved about 650,000 jobs, they confirm government and private forecaster’s estimates that overall Recovery Act spending has created and saved at least 1 million jobs."

Moreover, the administration emphasized, these reports do not reflect the job impact of the stimulus plan's tax cuts, direct payments to individuals, and grants and awards of amounts under $25,000 per recipient. Nor, officials cautioned, do they reflect the indirect job impact of the funds, such as when employers for stimulus projects hired to meet new demand or when hired workers spent their paychecks.

Approximately 3.3 million jobs have been lost since the stimulus act passed, according to data from the Bureau of Labor Statistics.