Below is a graph showing the change in the number of jobs in the Louisville Metropolitan Statistical Area from July 2007 to March 2010. The number of jobs are seasonally adjusted by month to give a more accurate representation of the month-to-month change in employment:

 
                             (Click the graph for a larger view.)

By most professional economists' accounts, the national recession began December 2007 and ended July 2009. Unfortunately, unemployment and job hiring are historically considered lagging economic indicators, meaning that even though the "official" recession is over, the economy usually continues to lose jobs and the unemployment rate continues to increases for several quarters afterward.

Even though jobs are continuing to be lost in the Louisville economy, the graph above shows that, since the Recovery Act was signed, the number of jobs lost per month has been decreasing on average, with some months enjoying significant job growth. An improving trend in the monthly jobs gained or lost is a good sign that the Louisville economy is starting to grow again. While it is difficult to say at this point that this job trend would have continued to decline without the large inflow of stimulus money in the Louisville area, the graph does support the economic theory the Recovery Act was based on.