Stimulus jobs: 5 questions, 5 answers
How are the jobs calculated? How long do they last? What kind of jobs have been created? How much do jobs cost? We break it down for you.
The Obama administration said Friday that stimulus has created or saved 640,000 jobs so far.
But what does that mean exactly? Have that many people been hired? Here’s a quick guide to understanding just what those numbers mean:
1) How are the jobs calculated? It isn’t as simple as “one person hired equals one job created,” or even “one person retained equating to one job saved.”
The government instructed stimulus recipients to report jobs created or saved as “full-time equivalents.” If that sounds complicated … it is.
Full-time equivalents are calculated by adding
For example, say a contractor received a one-year stimulus contract and used those funds to hire a technician for 40 hours a week and an electrician for 20 hours a week for the full year. In addition, the contractor hired a surveyor to work 40 hours a week for six months. In the end, the three employees worked a combined average of 80 hours a week over the course of the year, so the company would have reported that it created two jobs.
source: money.cnn
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