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As part of the unprecedented accountability and transparency provisions included in the American Recovery and Reinvestment Act of 2009 (ARRA), the Council of Economic Advisers (CEA) is charged with providing to Congress quarterly reports on the effects of the Recovery Act on overall economic activity, and on employment in particular. This is the fifth report and it provides an assessment of the effects of the Act through the third quarter of 2010. As discussed in previous quarterly reports, evaluating the impact of countercyclical macroeconomic policy is inherently difficult because we do not observe what would have happened to the economy in the absence of policy. Because of the challenges in the analysis, the report estimates the impact of the Recovery Act using multiple, independent approaches and supplements those estimates with those of numerous outside analysts.