"Recovery Summer"

The White House

Office of the Press Secretary
For Immediate Release
June 17, 2010
Administration Kicks Off "Recovery Summer" with Groundbreakings and Events Across the Country

President Obama, Vice President Biden and Other Administration Officials to Highlight Surge in Recovery Act Infrastructure Projects This Summer

WASHINGTON, DC – The Administration today kicks off “Recovery Summer,” a six-week-long focus on the surge in Recovery Act infrastructure projects that will be underway across the country in the coming months – and the jobs they’ll create well into the fall and through the end of the year. The Recovery Act has already funded tens of thousands of projects and put about 2.5 million Americans to work, but summer 2010 is actually poised to be the most active Recovery Act season yet, with tens of thousands of projects underway across the country that will help to create jobs for American workers and economic growth for businesses, large and small.
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Two months later...

Economy Caught in Depression, Not Recession: Rosenberg Depression


Single-Family Home Sales Hit 15-Year Low
Thursday, August 26, 2010
Sales of single-family homes in July fell to their lowest level since May 1995. Sales of all existing homes, including townhomes, condominiums and co-ops, dropped 27.2% from June, and more than 25% in comparison to the July 2009 numbers. The situation was particularly dramatic in the Midwest, where existing-home sales were down 33.3% from July 2009.



Weekly jobless claims drop, but not enough to lower unemployment
By Vicki Needham - 08/26/10 11:15 AM ET

New claims for unemployment benefits unexpectedly dropped last week, but not enough to signal strong job growth.

First-time claims decreased by 31,000 to a seasonally adjusted 473,000 for the week that ended Aug. 22, the Labor Department said Thursday.

However, the four-week moving average, which smooths out the volatility of the weekly number and provides a better gauge of the employment situation, increased by 3,250 to 486,750, the highest level since Nov. 28, 2009.